Banking on Renewable Energy

January 23, 2004 [] Citigroup announced it’s adopting a corporate policy to evaluate requests for project financing that could adversely affect the environment, and ban any funding for illegal logging operations. It also commits Citigroup “to invest in sustainable forestry and renewable energy.” Citigroup said they would identify experts to evaluate investment funds dedicated to renewable energy technologies such as wind, solar, hydrogen, biomass etc. Investments in these companies reduce the environmental footprint of the energy sector. Citigroup also said they would explore existing programs to offer consumer financing for solar panels, residential wind turbines and fuel cells, and other forms of clean energy or energy efficiency fit for residential consumers. Citigroup will offer and market a Fannie Mae energy efficient mortgage product by the first quarter of 2004.
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