January 28 (Renewables Now) - US bank Citigroup Inc (NYSE:C) last week launched its maiden green bond offering of EUR 1 billion (USD 1.14bn), aimed at financing renewable energy, energy efficiency and other environmental projects.
The projects that will benefit from the financing, apart from renewables, are in the fields of sustainable transportation, water quality and conservation, energy efficiency and green buildings. They will be supported as part of Citi’s USD-100-billion (EUR 87.6bn) environmental finance goal.
“This transaction represents an important next step in expanding Citi’s commitment to sustainable growth,” said Jamie Forese, president of Citigroup. He added that the placement of the three-year fixed rate notes was undertaken in response to growing investor interest in sustainable finance.
Under a goal set in 2015, Citi aims to lend and facilitate USD 100 billion over 10 years towards environmental activities that speed up the transition towards a low-carbon economy. The banking group recently announced a plan to use renewables for 100% of its global energy needs by 2020.
(EUR 1.0 = USD 1.141)