Citi Wins "Most Innovative Bank in Climate Change" Award from The Banker Magazine.Value of Citi's "Green" Initiatives Approach $22 Billion NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Citi announced today 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 were 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 ar·gu·a·ble adj. 1. Open to argument: an arguable question, still unresolved. 2. That can be argued plausibly; defensible in argument: three arguable points of law. , 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 Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Prior to that, Citi was one of the pioneer banks that devised the Equator Principles The Equator Principles is a set of environmental and social benchmarks for managing environmental and social issues in development project finance in the emerging markets. Once adopted by banks and other financial institutions, the Equator Principles commit the adoptees not to , 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 greenhouse gas n. Any of the atmospheric gases that contribute to the greenhouse effect. greenhouse gas emissions by 10 percent by 2011. Citi is a member of the Dow Jones Dow Jones the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance Sustainability World Index (DJSI DJSI Dow Jones Sustainability Index ), 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 (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Citi Foundation and director of Corporate Citizenship Corporate Citizenship The extent to which businesses are socially responsible in meeting legal, ethical and economic responsibilities placed on them by shareholders. The aim it to create higher standards of living and quality of life in the community in which it operates, while , 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 Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. ." 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 throughout the United States with an emphasis on reaching underserved communities. * Project Green, Citi's e-statement initiative in consumer and GTS GTS abbr. gas turbine ship businesses in 28 countries to reduce energy and related greenhouse gas emissions and materials used to produce print and mail paper statements. About Citi Citi, the leading global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. 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. Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6077215&lang=en |
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