Citigroup Adopts Green-Friendly Policies

After four years of pressure and protests from the Rainforest Action Network, the world’s largest financial institution announced today that it will adopt a comprehensive corporate policy stressing eco-friendly investment. Citigroup will carefully assess financing requests for projects that might adversely affect natural habitats and will not finance any logging in tropical forests (nor any “illegal logging” — that’s big of them!). The corporation will also develop a program to invest in renewable energy and sustainable forestry and will report the greenhouse gas emissions of any power project in which it invests. Said Ilyse Hogue, global finance campaign director for RAN, “We think this is the most significant environmental commitment to date in the financial services sector … and perhaps in the corporate sector, because of the potential ripple effects.”