Want to make sure all your money is green, as in invested in environmentally friendly projects?
Citi is providing an opportunity with the launch of its new “green time deposit product with enhanced yield,” the bank announced in a press release sent to PYMNTS.
The new offering will give customers a chance to put their short-term dollars to work on projects that are environmentally friendly, according to Citi.
Money that customers invest in Citi’s “green deposit” accounts will go toward financing or refinancing projects that meet the standards of the Citi Green Bond Framework, established to “reduce the impacts of climate change,” the bank noted in the press release.
“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,” Stephen Randall, Citi Treasury and Trade Solution global head of liquidity management services, said in the announcement.
Citi’s rollout of its new green deposits product comes on the heels of the bank’s launch earlier this year of a 2025 Sustainable Progress Strategy.
At the core of the new plan is “five-year $250 Billion Environmental Finance Goal” designed “to advance solutions to address climate change around the world in addition to priorities focused on climate risk and sustainable operations,” according to Citi.
“Citi’s launch of a green deposit offering is a great example of next generation sustainable finance solutions for our clients,” said Val Smith, Citi’s chief sustainability officer, in a press release. “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.”
The Loan Market Association, the Loan Syndications and Trading Association, and the Asia Pacific Loan Market Association last year laid down new standards for green lending, PYMNTS reported.
