A letter to the editor in the Wall Street Journal by Citigroup co-president James A. Forese responds to an absurd op-ed arguing that the bank's huge investment in cleantech is "politicized." In fact, as Forese explains, cleantech is simply a good investment, as well as an important contributor to a sustainable future for all of us. There shouldn't be anything "politicized" about any of that.
The International Energy Agency estimates that to combat the effects of climate change, $500 billion in investments in low-carbon energy technologies is needed each year until 2020, with that number doubling by 2030.
Our investment in sustainability is integral to our business strategy. Whether our clients’ motivation is to save money, create new business or comply with policy and regulations, we want to be the bank they call for these types of projects.
Citi has spent the last decade and a half promoting sustainability and financing sustainable growth. We will continue to invest in innovative solutions that enable progress. In addition, we intend to continue our leadership in developing standards to identify risk, while reducing the environmental impact of our own facilities and supply chain.
We will carefully allocate capital—with the objective of enhancing client relationships, helping clients manage risk and maximizing value for our shareholders.
This is a $100 billion investment in sustainable growth and our collective futures—and we’re proud of it.