Washington, DC [RenewableEnergyAccess.com] Over the next decade, Citi (formerly Citigroup) plans to invest more than $30 billion in renewable energy through subsidiaries such as Sustainable Development Investments and Citi Alternative Investments. These programs range from renewables like wind, solar and geothermal energy to new technologies, such as highly efficient combustion engines and hydrogen fuel cells.The company has invested in Suzlon, a wind turbine manufacturer in India as well as Loreto Bay, a 5,000-home development in Baja, Mexico, that is one of the largest sustainable resort communities in North America.
CitiMortgage has partnered with Japan’s Sharp Electronics, the world’s largest manufacturer of solar cells, to offer loans and lines of credit for homeowners to install solar electric systems. Citi also recently introduced an energy-efficient mortgage and a promotion for hybrid auto financing.
Citi’s investment in renewable energy is part of a larger program to make green investments in the amount of $50 billion over the next ten years. The program, said Citi Chief Executive Officer Charles Prince, “is not a wish list, but a realistic, achievable plan that serves a critical global need—and responds to an emerging investment opportunity.”