Citigroup to set aside $100 billion to fund green initiatives

Wed Feb 18, 2015 10:59am EST
 
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(Reuters) - Citigroup Inc said it would set aside $100 billion to fund environmental projects over the next decade, doubling the amount it had earmarked for such projects in 2007.

Citigroup said it would fund projects related to renewable energy, greenhouse gas reductions and sustainable transportation.

The third-largest U.S. bank said it had met its previous investment target three years ahead of schedule in 2013.

Citigroup financed the Solar Star photovoltaic project in Southern California for Berkshire Hathaway Energy in 2013.

The project, constructed by Sunpower Corp, is expected to generate 579 megawatts of power when completed by the year-end, making it the largest solar project in the world, Citigroup said in an emailed statement.

Solar Star is expected to provide enough energy to power more than a quarter million homes, the company said.

Citigroup also raised $862 million for Panama's first metro, which transports 30,000 commuters per hour.

In 2012, Bank of America Corp set a goal of $50 billion to provide loans and other financing for environmentally friendly energy projects over 10 years.

The same year, Goldman Sachs Group Inc set a 10-year target of $40 billion for investments in renewable energy projects.

(Reporting by Amrutha Gayathri in Bengaluru; Editing by Ted Kerr and Saumyadeb Chakrabarty)

 
The Citibank logo is pictured at its Nicaragua headquarters in Managua October 16, 2014.  REUTERS/Oswaldo Rivas