Citi Wins "Most Innovative Bank in Climate Change" Award from The Banker Magazine.
Value of Citi’s "Green" Initiatives Approach $22 Billion.
Athens, October 21, 2009.
Citi announced today it had been named "Most Innovative Bank in Climate Change" by The Banker Magazine, a prestigious global publication on banking and finance.
The award is unique in that it focuses exclusively on innovation – in products, structures and delivery. Among the reasons cited for Citi’s selection were its ground-breaking $50 billion commitment to addressing global climate change; its work on the Noble Environmental Power project, a 15 year, $741 million construction and term loan that remains the largest wind financing deal to date; and the leadership of Citi’s Environmental Products trading team in developing new transaction structures that deliver sustainable margins to buyers and sellers in a volatile price environment.
"We are proud and delighted to win this award," said Sandip Sen, head of Citi’s Alternative Energy Group. "Citi has been a leader in environmental sustainability for eight years and we remain committed to supporting energy-saving ‘green’ projects in the marketplace and within our own operations. We do this in service to our clients and the world because it makes good business sense and addresses what is, arguably, the single biggest issue facing the world – the issue of climate change."
Now in its seventh year, The Banker’s Investment Banking Awards recognize the impact of innovation in helping banks evolve to meet new industry requirements. Winners are selected by a panel of high-level independent judges drawn from the global business and finance community.
Citi's commitment to integrating social and environmental responsibility into its global operations is long-standing. In May 2007, the bank announced a 10-year, $50 billion initiative to address global climate change through investments, financings and related activities that support the commercialization and growth of alternative energy and clean technology in markets around the world. In 2008, Citi helped craft the Carbon Principles, new and groundbreaking industry standards addressing carbon risks in the financing of electric power plants in the United States.
Prior to that, Citi was one of the pioneer banks that devised the Equator Principles, a framework to manage and assess the financing of large infrastructure projects to ensure sound environmental and social practices. Citi has also publically committed to reducing its greenhouse gas emissions by 10 percent by 2011.
Citi is a member of the Dow Jones Sustainability World Index (DJSI), and received the second highest ranking in its sector in Newsweek’s 2009 Green Rankings, an environmental ranking of the "greenest" companies in America.
Pam Flaherty, President & CEO of the Citi Foundation and director of Corporate Citizenship, said, "Citi has been working on environmental sustainability projects for eight years and has built a very substantial track record. It is a measure of the seriousness with which Citi has taken this commitment that climate change has not slipped by the wayside during the current economic downturn."
2008 Climate Change Projects
Citi is making strong progress toward reaching its climate change goals. Today, the company’s portfolio of climate-related activities is valued at $21.76 billion, including 2008 commitments totaling $3.98 billion. Among the sustainability projects included in the 2008 commitment:
* The Noble Environmental Power project is the US’s largest wind financing deal to date. The $741 million, 15-year construction and term loan financed three separate wind parks in New York State. Over the next 20 years, Noble estimates that the combined projects will generate $150 million to their respective local economies and provide enough energy to power approximately 110,000 homes annually.
* The Green Energy Community Investment Fund, created by Helio Micro Utility and Citi Community Capital, financed up to four megawatts of solar electricity production in 2008 to help fund the solar installation of power systems for commercial buildings, apartment buildings and public sector facilities throughout the United States with an emphasis on reaching underserved communities.
* Project Green, Citi’s e-statement initiative in consumer and GTS businesses in 28 countries to reduce energy and related greenhouse gas emissions and materials used to produce print and mail paper statements.