Citigroup's $30bn Committment For Clean Energy + Tech
Citigroup has announced it is committed to providing $50bn (£25bn) to environmental projects during the next decade and will increase 10-fold to $10bn its planned investment to reduce its own greenhouse gas emissions. The bank has also begun to advise borrowers about how to make their projects more environmentally sustainable "to reduce their risk from future environmental regulation." "As part of the group-wide plan, Citigroup’s markets and banking group expects to invest in and to finance more than $30bn in clean energy and alternative technology during the next 10 years..." Stepping outside the press box here for a minute: how good would it look to the bank's stockholders to be loaning to clients who are clueless or in denial about climate change? To be investing primarily in energy intensive and inefficient developments? We see this as one of the early entrants in a caravan of banks wanting to reduce their climate risk exposure. Next thing you know, the coal fired utilities who argued for exemption from new source performance standards will be left begging for good rates. Awww. Poor little babies. Via:: Financial Times.