Citigroup joins others in pledge to cut energy waste
Citigroup Incorporated has said that, as part of its renewable push, it will follow the lead of others by cutting energy waste while using on-site generation, long-term power-purchasing contracts and clean energy credits.
At a Climate Week event on Tuesday, Michael Eckhart, Citigroup’s head of environmental finance, discussed the New York-based bank’s goal. His statement, and the growing chorus of companies making similar promises, reflects a reality as seen from the corporate suite: With or without a White House climate policy, much of the United States and the rest of the world is already committed to a clean energy system, one that’s fast becoming less expensive than the generators and engines that powered the last century’s growth.
Many companies have pledged to soon use only clean energy, but Citigroup’s promise to make the transition within three years is speedier than most. Along with Estee Lauder Cos., Kellogg Co., DBS Bank Ltd., Clif Bar & Co., and Morgan Stanley, Citigroup said this week it will be joining RE100, an initiative that records such pledges to become renewable-reliant. At least 110 companies have already signed on, including Apple Inc., BMW Group, Diageo Plc and Wal-Mart Stores Inc. (Bloomberg LP, the parent of Bloomberg News, is also a member.)
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