Citigroup, Deutsche Bank Unveil Green Finance Investments
Bloomberg Business is reporting a flurry of green finance announcements from major investment banks, with Citigroup planning US$100 billion in renewable power, energy efficiency, and sustainable transportation deals by 2025, and Deutsche Bank increasing its green bond investment to €1 billion (US$1.1 billion).
“Simply put, it is a $100 billion investment in sustainable growth,” said Citigroup CEO Michael Corbat. “These efforts do not constitute philanthropy, nor do they represent costs. In fact, they reduce costs.”
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“We can do literally a billion-dollar solar or wind bond and have dozens of investors go in and participate,” Marshal Salant, Citigroup’s head of alternative energy finance, told Bloomberg. “Five years ago, if you came to me and said, ‘Can we do a billion dollars?’ I’d say, ‘I don’t know, it’s never been done before.’”
Deutsche Bank unveiled plans to extend its €200 million commitment to green bonds, beginning with a 10-year issue from the World Bank. “The decision adds to evidence that the green bond market is blooming after issuances of securities linked to climate projects more than doubled to a record $38.8 billion last year,” Bloomberg’s Stefan Nicola reports.