Citigroup Commits US$50 Bln to Green Projects

The amount includes nearly US$10 billion in activities that the bank has already undertaken. Citigroup plans to increase to US$10 billion from about US$1 billion its commitment to reduce its own greenhouse gas emissions at its 14,500 locations worldwide. The bank operates in more than 100 countries.

"It's a dramatic announcement," said Daniel Esty, a Yale University environmental law professor who co-wrote "Green to Gold: How Smart Companies Use Environmental Strategy to Innovate, Create Value, and Build Competitive Advantage."

"To the extent it signals a sea change in Citigroup's attitude toward the environment, it could have a sweeping impact across economies globally," said Esty.