Citi Hong Kong Invests in Renewable Energy Credits

May 31, 2019 - 06:03
Citi Hong Kong Invests in Renewable Energy Credits

On track to meet environmental footprint goal of sourcing renewable power for 100 percent of its electricity needs by 2020


HONG KONG, CHINA - Media OutReach - 31 May2019 CitigroupInc. (NYSE: C) - Citi is taking an important step towards achieving itsgoal to source renewable power for 100 percent of its global electricity needsthrough the purchase of renewable energy certificates (RECs) from CLP PowerHong Kong Limited (CLP) and the Hongkong Electric Company, Limited (HK Electric).  The investment equates to the purchasing of acombined 300,000 kWh of electricity generated by local renewable energysources, making Citi the  current toprenewable energy certificate purchaser in the Hong Kong financial sector.  These renewable energy resources are either generatedor purchased by CLP and HK Electric, and include solar and wind power projects. 


The purchase ofRECs is part of Citi's Sustainable Progress Strategy to meet its 2020 environmentalfootprint goal to become carbon neutral and use 100 percent renewable energy topower Citi's global energy needs across its 7,500 facilities.  In 2018, Citi made significant progress onthis goal with the contracted amount of renewable energy reaching 62 percent.


To acceleratethe transition to sourcing 100 percent renewable energy, Citi is consideringonsite power generation, power purchase agreements, appropriate use of renewableenergy credits, and continuing its focus on energy efficiency.   


In Hong Kong, theinstallation of solar panels for power generation on the rooftop of Citi Tower,a Citi-owned office building in Kowloon East, is scheduled for the firstquarter of 2020.  This follows the LEEDPlatinum Certification and WELL Silver Certification obtained in 2017 and 2018,respectively, for the original build-out of Citi Tower.


"Weare proud to be playing a part in supporting the renewable energy developmentin Hong Kong.  By reducing our ownenvironmental impact, we build credibility and trust with our clients,employees, and the communities where we live and work,"said Angel Ng, CEO for Citi Hong Kong and Macau. 


"Theongoing work to reduce our direct environmental impact, promote green buildingat scale, and drive environmental and social progress in our supply chain isfundamental to our sustainability performance. This work is also a learningexperience that enables us to generate new product ideas and partnership opportunities.  By linking our operations and banking unitsto co-develop green financing solutions, we hope to leverage our operationaland supply chain expertise in ways that bring value to our clients," Angeladded.   


In2015, Citi announced a $100 Billion Environmental Finance Goal to finance andfacilitate $100 billion within 10 years to support environmental solutions andaccelerate the global transition to a low-carbon economy.  Citi has since been working with partners andclients to finance a range of transactions including wind energy projectfinancing, solar company IPO, green bond issuances, and monetization ofrenewable energy credits.  Due toincreasing environmental finance activities in the global market, Citi is expectedto reach the $100 billion mark by 2020--well ahead of schedule.  As of end-2018, Citi's environmental financeactivities amounted to $95.3 billion. 


In 2018, Citi was ranked the #1 bookrunner in the Dealogic Global andRenewables league tables for Project Finance; second in Dealogic's USD-DenominatedSustainable Finance league table; and fifth in its Green Bond league table.

About Citi

Citi, the leadingglobal bank, has approximately 200 million customer accounts and does businessin more than 160 countries and jurisdictions. Citi provides consumers,corporations, governments and institutions with a broad range of financialproducts and services, including consumer banking and credit, corporate andinvestment banking, securities brokerage, transaction services and wealthmanagement


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