London: Citi Treasury and Trade Solutions announces the launch of a green time deposit product with enhanced yield. The new fixed-term green deposit gives Citi’s clients the ability to invest their short-term liquidity in environmentally friendly projects.
Citi is guided by a commitment to achieve a positive social and environmental impact through its products and services and its work with clients. This new offering arrives on the market as more companies have an increased awareness of the importance of ESG and sustainable investing, and want to direct their long and short-term investment portfolio towards financial solutions that have a positive environmental and societal impact.
Investments in Citi’s green deposit solution will be allocated to finance or refinance a portfolio of green projects that meet the rigorous environmental finance eligibility criteria defined in the Citi Green Bond Framework, established by Citi to finance solutions and developments designed to aim to reduce the impacts of climate change. The Citi Green Bond Framework is aligned with the recommendations of the International Capital Market Association Green Bond Principles 2018 and assists in advancing the United Nation Sustainable Development Goals.
Stephen Randall, Citi Treasury and Trade Solution’s Global Head of Liquidity Management Services, said: “With our new green deposit solution, we are expanding our sustainable investment offering to serve the needs of our clients and assist them in achieving their sustainability goals.”
Recognising the increasing urgency of climate change, earlier this year Citi launched its 2025 Sustainable Progress Strategy with the ambition to be a leading bank in driving the transition to a low-carbon economy. This strategy builds upon a long track record of sustainable finance commitments by focusing on a new five-year $250 Billion Environmental Finance Goal to advance solutions to address climate change around the world in addition to priorities focused on climate risk and sustainable operations.
Val Smith, Citi’s Chief Sustainability Officer, said: “Citi’s launch of a green deposit offering is a great example of next generation sustainable finance solutions for our clients. We are seeing demand for a full range of sustainability offerings, and we are committed to working with our clients as they look towards a smooth transition to a low-carbon economy.”