Citigroup's all about the green

Citigroup Inc. today announced that it will spend $50 billion over the 10 years to address global climate change, the largest such move ever by Wall Street firm. The initiative by the New York-based financial services company includes nearly $10 billion in activities Citigroup has already undertaken to address climate change. Furthermore, Citigroup said it plans to increase its spending to $10 billion from $1 billion to cut greenhouse gas emissions. The company said that the initiative will support the commercialization and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. Citigroup's markets and banking unit said it plans to invest and finance over $31 billion in clean energy and alternative technology over the next decade years through the expansion of existing activities and the launch of new client services. The company said it will upgrade its large office facilities in New York and Dallas, and build an office tower in Queens, N.Y. that will be environmentally friendly. The announcement follows Bank of America Corp.'s March announcement that it will allocate $20 billion to support the growth of environmentally sustainable business activity and reduce global warming (InvestmentNews, March 7) .