Citi Wins “Most Innovative Bank in Climate Change” Award From The Banker Magazine

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2009-10-23 09:34

Seoul--(뉴스와이어)--Citi announced it had been named “Most Innovative Bank in Climate Change” by The Banker Magazine, a prestigious global publication on banking and finance.

The award is unique in that it focuses exclusively on innovation – in products, structures and delivery. Among the reasons cited for Citi’s selection was its ground-breaking $50 billion commitment to addressing global climate change; its work on the Noble Environmental Power project, a 15 year, $741 million construction and term loan that remains the largest wind financing deal to date; and the leadership of Citi’s Environmental Products trading team in developing new transaction structures that deliver sustainable margins to buyers and sellers in a volatile price environment.

“We are proud and delighted to win this award,” said Sandip Sen, head of Citi’s Alternative Energy Group. “Citi has been a leader in environmental sustainability for eight years and we remain committed to supporting energy saving ‘green’ projects in the marketplace and within our own operations. We do this in service to our clients and the world because it makes good business sense and addresses what is, arguably, the single biggest issue facing the world – the issue of climate change.”

Now in its seventh year, The Banker’s Investment Banking Awards recognize the impact of innovation in helping banks evolve to meet new industry requirements. Winners are selected by a panel of high-level independent judges drawn from the global business and finance community.

Citi’s commitment to integrating social and environmental responsibility into its global operations is long-standing. In May 2007, the bank announced a 10 year, $50 billion initiative to address global climate change through investments, financings and related activities that support the commercialization and growth of alternative energy and clean technology in markets around the world. In 2008, Citi helped craft the Carbon Principles, new and groundbreaking industry standards addressing carbon risks in the financing of electric power plants in the United States. Prior to that, Citi was one of the pioneer banks that devised the Equator Principles, a framework to manage and assess the financing of large infrastructure projects to ensure sound environmental and social practices. Citi has also publically committed to reducing its greenhouse gas emissions by 10 percent by 2011.

Citi is a member of the Dow Jones Sustainability World Index (DJSI), and received the second highest ranking in its sector in Newsweek’s 2009 Green Rankings, an environmental ranking of the “greenest” companies in America

Pam Flaherty, President & CEO of the Citi Foundation and director of Corporate Citizenship, said, “Citi has been working on environmental sustainability projects for eight years and has built a very substantial track record. It is a measure of the seriousness with which Citi has taken this commitment that climate change has not slipped by the wayside during the current economic downturn.”

In order to participate in Citi's eco-friendly management vision, and seek solution and responsibilities for domestic environment and climate changes Citibank Korea is carrying out various eco-friendly management strategies.

“Green Citi - Nurturing Our Community Forest" campaign launched at 2008 with Seoul Green Trust is Citibank Korea's most representative example of eco-friendly management. The campaign forms forests at a small site in many parts of Seoul with help from Seoul city, local residents, corporate and environmental experts. It reduces carbon dioxide emission from corporate business, form the forest with customer’s volunteer effort to reduce paper usage, and create community society. This is a public campaign that truly has the effect of “three birds with a stone”.

Also there is another recognizable event under the name of Citi. Citi‘s ’Global Community Day‘ is a worldwide volunteer activity taking place at hundreds of cities with thousands of projects simultaneously. It had been established on 2006 to attract the employees to participate in volunteerism actively along with family members or friends . The Global Community Day is held on every first Saturday of November. The fourth ’Citi Global Community Day' will be held on Nov. 7th (Sat) this year all over Korea.

* 2008 Climate Change Projects

Citi is making strong progress toward reaching its climate change goals. Today, the company’s portfolio of climate-related activities is valued at $21.76 billion, including 2008 commitments totaling $3.98 billion. Among the sustainability projects included in the 2008 commitment:

 The Noble Environmental Power project is the US’s largest wind financing deal to date. The $741 million 15-year construction and term loan financed three separate wind parks in New York State. Over the next 20 years, Noble estimates that the combined projects will generate $150 million to their respective local economies and provide enough energy to power approximately 110,000 homes annually.

 The Green Energy Community Investment Fund, created by Helio Micro Utility and Citi Community Capital, financed up to four megawatts of solar electricity production in 2008 to help fund the solar installation of power systems for commercial buildings, apartment buildings and public sector facilities through the United States with an emphasis on reaching underserved communities.

 Project Green, Citi’s e-statement initiative in consumer and GTS businesses in 28 countries to reduce energy and related greenhouse gas emissions and materials used to produce print and mail paper statements.

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About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, 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, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

웹사이트: http://www.citibank.co.kr