ebulletin

April 1, 2021
Renewable energy system installation completed at Citi Tower
Citi has installed a hybrid electrical and thermal renewable energy system on the rooftop of Citi Tower in Kowloon East. The 360 solar panels will produce 85,337 kilowatt-hours of renewable electricity, which is equivalent to the annual energy consumption of 20 households. Under the CLP Renewable Energy Feed-in Tariff (FiT) Scheme, Citi will receive FiT payments for connecting the system to CLP's electricity grid. The hybrid system, which also uses sun's energy to heat up water for use in Citi Tower, will contribute to a cost saving of approximately 4% of the building's annual power consumption. The rooftop installation also includes a wind turbine, which generates electricity on-site for local use.
In March, Citi CEO Jane Fraser announced the group's commitment to net zero greenhouse gas emissions by 2050, which includes the emissions that Citi directly produces and those contributed by the bank's financing activities. The initial Net Zero by 2050 plan to be published next year will include emissions reduction targets for carbon-intensive sectors that also have low-carbon transition opportunities. Citi will actively engage clients to help them achieve their own transitions to net zero.
From 2014 to 2019, Citi financed and facilitated US$164 billion in low-carbon solutions and last year committed to an additional US$250 billion in environmental transactions by 2025. For Citi's own operations, the goal is to achieve net zero greenhouse gas (GHG) emissions by 2030. Since 2005, Citi has reduced 3,600 gigawatt-hours of energy use and avoided 2.4 million metric tons of CO2 equivalent—this equates to the GHG emissions of over half a million cars on the road for a year.
In Hong Kong, Citi already reached its goal to source 100% renewable electricity to power its operations in 2020.