Citigroup announced that it will source renewable power for 100% of its global energy needs by 2020. This is an important next step in the bank’s continued commitment to reduce the environmental impact of its operations and finance $100 billion in clean energy, infrastructure, and technology projects that build a more sustainable economy.
“We are right alongside our clients in supporting the growth of renewable energy development and production,” said Citi CEO Michael Corbat. “We’re committed to using renewable power sources for our global operations while continuing to provide financing for our clients’ renewable energy and energy efficiency projects around the world.”
To accelerate this transition to sourcing 100% renewable energy, Citi will consider onsite power generation, power purchase agreements for energy-intensive properties such as data centers, and appropriate use of renewable energy credits, as well as continuing to focus on energy efficiency as a critical component of its strategy.
Citi owns or leases over 57 million square feet of real estate in 94 countries, consisting of over 7,900 properties. Its new global headquarters currently under construction in New York City is being targeted for LEED Platinum, the highest level of certification under the U.S. Green Building Council.
This effort will draw on the expertise and commitment of several groups within Citi, many of which are already collaborating on renewable energy projects. Earlier this year, Citi entered into a contract to provide Green-e certified renewable energy for 50% of the power needs at its Roanoke, Texas, data center.
The deal provides a renewable source of energy as well as price certainty to one of Citi’s key data centers and is the result of a collaboration between Citi Realty Services, an internal unit responsible for the company’s facilities, and Citigroup Energy, a Citi subsidiary, to meet its renewable energy needs.
“With a focus on innovation and efficiency, we continue to challenge ourselves to improve our facilities and operations around the world,” said Don Callahan, Citi’s Head of Operations and Technology. “We’re exploring new approaches and partnerships to meet this ambitious renewable energy goal, and are excited to do our part to support the transition to cleaner energy sources.”
To gain insight on the transition and learn from the similar efforts at other companies, Citi is joining RE100, a global initiative led by The Climate Group in partnership with CDP and part of the We Mean Business Take Action campaign.
This commitment is part of the bank’s Sustainable Progress Strategy and overall commitment to action on climate change, including 2020 goals for energy, waste and water reduction and green building. Citi continues to make progress against these targets and since 2005 has reduced its energy use by 25%, its water use by 25%, diverted 61% of its waste from landfills and expanded its LEED-certified real estate portfolio to 20% of its global facilities.