Citi, the financial services multinational formerly called Citigroup, has pledged to spend up to $50 billion over the next decade to invest in renewable energy and other green technologies. That pile of cash includes $10 billion Citi (C) previously promised expend on efforts to combat global warming. Upping the ante over Bank of America’s (BAC) $20 billion green lending program announced in March, Citi says it will spend $10 billion to cut greenhouse gas emissions from its global operations by 10 percent by 2011. But the bulk of the cash – $31 billion – will go for investments in geothermal, solar, wind and other renewable energy projects and technologies. (Citi, for example, is financing Portuguese utility EDP’s $2 billion takeover of Horizon Wind Energy, the largest wind farm company in the United States. Citi has also invested in Indian wind energy company Suzlon.) The willingness of banks to finance big renewable energy projects will be crucial to the success of current plans to build utility-scale solar power plants in California and the Southwest. California utilities, for instance of contracted for nearly 2 gigawatts of solar power, but financing the plants, which can cost hundreds of millions of dollars to build, remains a big hurdle.
Citi to Invest $50 billion to Fight Global Warming
May 10, 2007 by Todd Woody
Green Wombat 
Citicorp is a major funding for the development of coal the proposed 150 coal plants in the U.S. alone.
For all the negative pundits and free enterprise bashers — It looks like American companies (unlike the government) understand the long term ramifications of climate change and global warming, and are stepping up to the plate to do something about it. Being business people, I would bet that the monies invested are used more efficiently to find a solution than anything the government tries to do. Thank you citibank. Now if you could just do something about those usurious credit card fees.
Citi is not funding green energy to combat global warming. They want to make money, but I hope they are putting $50 billion in reserves. These fields cost more money than they are generating. It is great they are putting a green face on their company, but I would love to see how much money they have lent out to oil and gas companies.
Looks like Citi is taking advantage of the awesome bull market in commodities. Renewable energy generators are very good financial investments. But global warming, on the other hand, seems to have more potential benefits than costs for human, plant, and animal life, so what’s all the fuss about?
why don’t they spend that money for research on killer bees or Y2K?
‘man-made’ global warming is the biggest crock of crap that the counter-culture has ever tried to get over on consumers
The Basics on Green Investing
Editors note: Please welcome our newest writer, Christan Wasniewski. Based in St. Louis, Christan has worked in the world of international finance, and is now in the process of starting up the non-profit International Poverty Solutions, Inc., which
The Basics on Green Investing
Editors note: Please welcome our newest writer, Christan Wasniewski. Based in St. Louis, Christan has worked in the world of international finance, and is now in the process of starting up the non-profit International Poverty Solutions, Inc., which w