Bank Giant Takes Tough Environmental Stand
An excerpt from an article on MSNBC.com
NEW YORK - Citigroup, the world's largest financial institution, announced Thursday that it is adopting a corporate policy to carefully evaluate requests for project financing that could adversely affect the environment.
It also bans funding for illegal logging operations and commits Citigroup "to invest in sustainable forestry and renewable energy."
Activists applaud initiative
Ilyse Hogue, global finance campaign director for the San Francisco-based environmental group, said Citi is the first American bank to adopt such a comprehensive policy.
"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," Hogue said.
Continue reading on the MSNBC.com website:
Bank giant takes tough environment stand
