Citi invests $100 billion to improve the world’s cities
The banking giant Citi is living up to its name. Joel Makower reports for GreenBiz that Citi has a ten-year, $100 billion effort to improve the world’s cities. Goals range from combatting climate change to making cities more efficient and less wasteful to strengthening social progress. Energy efficiency would be among the top priorities.
The financial commitment would be spent on loans, financing and other investments. But it’s not all philanthropy for Citi. The bank will emphasize projects that are economically viable, the publication says. The financial services company also runs Citi for Cities, which partners with governments, businesses and citizens on innovative urban solutions, according to the program’s website. (Citiscope is not related to the bank or these efforts.)
GreenBiz describes Citi as a longtime leader on green initiatives. The article notes that eight years ago, Citi made a similar commitment of $50 billion over ten years to help reduce fossil fuel emissions. The company met its goals for that initiative early, in 2014.