Citi Hong Kong invests in renewable energy credits
Purchase of renewable energy certificates equates to buying a combined 300,000 kWh of electricity generated by local renewable energy sources
Citi took a big 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,” says 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. 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,” Ng adds.
In 2015, Citi announced a US$100-billion Environmental Finance Goal to finance and facilitate US$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 US$100 billion mark by 2020. As of the end of 2018, Citi’s environmental finance activities amounted to US$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.
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