Climate change poses financial risks, but the solutions can provide economic opportunities. That has some of the world’s largest financial institutions – such as the Bank of America, Wells Fargo and Citi – seeing green. Recently, Citi committed 100 billion dollars in financing for projects that reduce greenhouse gases or help communities adapt to climate change.
Mindy Lubber is the CEO of CERES, a nonprofit group advising Citi on the initiative.
Lubber: “What Citi said in a very bold $100 billion dollar announcement is that there’s money to be made from investing in a green energy future.”
Over the next decade, Citi plans to put the earmarked funds toward renewable energy – especially solar – as well as green housing, sustainable transportation, and energy efficiency. Importantly, it’s a focus that Lubber says is driven by the bottom line, not a political agenda.
Lubber: “They’re here to make money. They’ve got an obligation to their shareholders to make money, and from their perspective, a lot of it.”
Lubber says Citi’s ambitious goal is likely to motivate other banks to make big investments in climate change solutions – providing the money to build a more sustainable world.
Reporting credit: ChavoBart Digital Media.
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