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

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HONG KONG, CHINA - Media OutReach – 31 May
2019 - Citigroup
Inc. (NYSE: C) – Citi is taking an important step towards achieving its
goal to source renewable power for 100 percent of its global electricity needs
through the purchase of renewable energy certificates (RECs) from CLP Power
Hong Kong Limited (CLP) and the Hongkong Electric Company, Limited (HK Electric).  The investment equates to the purchasing of a
combined 300,000 kWh of electricity generated by local renewable energy
sources, making Citi the  current top
renewable energy certificate purchaser in the Hong Kong financial sector.  These renewable energy resources are either generated
or purchased by CLP and HK Electric, and include solar and wind power projects. 

 

The purchase of
RECs is part of Citi’s Sustainable Progress Strategy to meet its 2020 environmental
footprint goal to become carbon neutral and use 100 percent renewable energy to
power Citi’s global energy needs across its 7,500 facilities.  In 2018, Citi made significant progress on
this goal with the contracted amount of renewable energy reaching 62 percent.

 

To accelerate
the transition to sourcing 100 percent renewable energy, Citi is considering
onsite power generation, power purchase agreements, appropriate use of renewable
energy credits, and continuing its focus on energy efficiency.   

 

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

 

“We
are proud to be playing a part in supporting the renewable energy development
in Hong Kong.  By reducing our own
environmental 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. 

 

“The
ongoing work to reduce our direct environmental impact, promote green building
at scale, and drive environmental and social progress in our supply chain is
fundamental to our sustainability performance. This work is also a learning
experience that enables us to generate new product ideas and partnership opportunities.  By linking our operations and banking units
to co-develop green financing solutions, we hope to leverage our operational
and supply chain expertise in ways that bring value to our clients,” Angel
added.   

 

In
2015, Citi announced a $100 Billion Environmental Finance Goal to finance and
facilitate $100 billion within 10 years to support environmental solutions and
accelerate the global transition to a low-carbon economy.  Citi has since been working with partners and
clients to finance a range of transactions including wind energy project
financing, solar company IPO, green bond issuances, and monetization of
renewable energy credits.  Due to
increasing environmental finance activities in the global market, Citi is expected
to reach the $100 billion mark by 2020–well ahead of schedule.  As of end-2018, Citi’s environmental finance
activities amounted to $95.3 billion. 

 

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

About Citi

Citi, the leading
global bank, has approximately 200 million customer accounts and does business
in more than 160 countries and jurisdictions. Citi provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services and wealth
management

 

Additional
information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.