Citigroup On Green Trajectory

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Last May we covered Citigroup's plan to invest in green technology and energy savings. This was amidst a chorus of criticism for investing in coal fired electrical plants.

The good news is that Citigroup's plan for greening up " its vast real-estate portfolio, which totals 92 million square feet world-wide," is underway. To achieve that, the company has inventoried energy use, adopted power-saving measures such as turning off escalators in lobbies, and is redesigning its bank branches to include more natural lighting and recycled materials. And of course besides being more "green" for customer appeal sake, there is the money saving, carbon emissions reducing practical benefit.The Citigroup rep quoted in Wall Street Journal stated they expect to:- "save as much as $1 per square foot a year by making its offices use less energy. That would add up to savings of almost $100 million annually. The New York financial behemoth last year launched a $10 billion plan to reduce the carbon footprint from its facilities 10% below its 2005 level by 2011."

Our favorite quote:- "In some older Citigroup buildings, meanwhile, workers have been told they can open windows to let in fresh air."

Looks like part of the plan is to sell the inefficient skyscrapers and build new LEED certified digs. Hmmm.

"Citigroup is also nearing the end of constructing a 15-story building in Queens, N.Y. [pictured], which will include enough energy-saving features to meet the LEED standards, say bank officials. Some of the eco features include a storm-water recycling system, energy-efficient fixtures and work areas designed so that most employees can receive outdoor lighting."

Via:: Wall Street Journal, subscription only, Image credit::WSP, Cantor Seinuk, Citigroup - Long Island City 2

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