Citi has expanded its Sustainable Time Deposit solution to institutional clients in the United States.
This program, which was launched in five jurisdictions in Europe, the Middle East and Asia last year, is designed to deliver competitive yields while also supporting institutional clients’ sustainability goals, Citi said in a Wednesday (April 5) press release.
“The expansion of our sustainable product suite is an important step toward providing comprehensive sustainable cash management solutions to our clients,” Michael Fossaceca, North America region head, treasury and trade solution at Citi, said in the release.
The Sustainable Time Deposit solution is now available in the United States, United Kingdom, Ireland, Abu Dhabi, Hong Kong and Singapore, according to the press release.
Funds deposited into Sustainable Time Deposits may be allocated toward financing or refinancing projects for renewable energy, energy efficiency, water quality, conservation, affordable housing, and other green and/or social finance projects.
“Finance and treasury teams are playing an increasingly strategic role in helping their firms to support their sustainability and environmental, social and governance (ESG) goals,” Stephen Randall, global head of liquidity management services, treasury and trade solutions at Citi, said in the release. “Our new Sustainable Time Deposit solution reflects Citi’s commitment to providing tools that help our clients reach their goals with their own organizations and their communities.”
A growing number of companies are rolling out products meant to help businesses achieve their sustainability and ESG goals.
For example, energy company Eni said March 24 that it has launched a supply chain finance program designed to incentivize sustainable development. The new Sustainable Supply Chain Finance Program is focused on the energy supply chain and allows Eni’s suppliers to request advance payment of invoices if they have committed to sustainable development.
In another example, Egyptian financial firm Contact launched a new product called Green Finance in December, saying the product will fund projects such as solar panels, irrigation systems, greenhouses and sustainable farming efforts.
In May 2022, working capital management firm Taulia teamed up with business sustainability rating provider EcoVadis to provide sustainability and environmental friendliness ratings for Taulia customers.
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