Citigroup has pledge $100 billion to fund projects related to renewable energy and sustainable transportation options. The announcement last week follows Citigroup’s success at dedicating $50 billion to renewables three years ahead of the 2016 deadline the company set for itself. Citi has invested in the Solar Star photovoltaic project in Southern California, which is set to create 579 megawatts of power by the end of the year. The project is slated to be the largest solar project in the world. The Solar Star project is expected to power a quarter of a million homes. Citi also plans on investing in innovation in waste management and clean water.
Citigroup is not the only U.S. financial institution that has earmarked money towards investments in renewable energy. Bank of America pledged $50 billion in 2012 to provide financing and loans to energy projects. Goldman-Sachs has pledged to invest $40 billion in renewables by 2022. Overall, investment in wind, solar, biofuels, and other new sources of energy has gone up by 16 percent to $310 billion.
Read More – Citigroup To Set Aside $100 Billion to Fund Green Initiatives (Reuters, Amrutha Gayathri)
Citigroup Sets Aside $100 Billion for Green Initiatives (Fortune, John Kell)