Citi buys RECs for 300,000kWh of power from CLP and HK Electric

It aims to use 100% renewable energy across its 7,500 facilities by 2020.

Citi purchased renewable energy certificates (REC) worth 300,000kWh from CLP Power Hong Kong and Hongkong Electric Company, an announcement revealed. The renewable energy resources for the RECs are either generated or purchased by CLP and HK Electric, and include solar and wind power projects.

The purchase of RECs is part of Citi’s strategy to meet its 2020 environmental footprint goal to become carbon neutral and use 100% renewable energy across its 7,500 facilities. In 2018,  Citi's contracted renewable energy hit 62%.

Citi is also considering onsite power generation, power purchase agreements (PPA), appropriate use of renewable energy credits, and continuing its focus on energy efficiency.

Angel Ng, CEO for Citi Hong Kong and Macau, commented, “By linking our operations and banking units to co-develop green financing solutions, we hope to leverage our operational and supply chain expertise in ways that bring value to our clients.”