, Hong Kong

Citi Hong Kong installs 360 solar panels on Citi Tower

In 2020, the bank reached its goal to source 100% renewable energy to power local operations.

Citi has installed a hybrid electrical and thermal renewable energy system on the rooftop of Citi Tower in Kowloon East, Hong Kong.

In a press release, the bank shared that the 360 solar panels is expected to produce 85,337 kilowatt hours of renewable electricity. This is equivalent to the annual energy consumption of 20 households, and 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. 

Under the CLP Renewable Energy Feed-in Tariff (FiT) Scheme, Citi will receive FiT payments for connecting the system to CLP’s electricity grid.

“We are delighted to be working with our longstanding partner CLP on furthering our  sustainability commitments. The Feed-in Tariff Scheme is an important initiative to promote wider use of renewable energy in Hong Kong. We are proud to be contributing to this effort, which is in line with our group-wide strategy to reduce the environmental footprint of our facilities around the world,” said Angel Ng, CEO for Citi Hong Kong and Macau.

The move is in line with the group’s commitment to net zero greenhouse gas emissions by 2050, as announced by Citi CEO Jane Fraser earlier this March.

In Hong Kong, Citi said that it has already reached its goal to source 100% renewable electricity to power its operations in 2020. 

The bank plans to publish a Net Zero by 2050 plan next year, which will include emissions reduction targets for carbon-intensive sectors that also have  low-carbon transition opportunities.

Citi & CLP senior executives in front of the solar panels.

For Citi’s own operations, the goal is to achieve net zero greenhouse gas (GHG) emissions by 2030. Since 2005, Citi has reportedly 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. 

The bank said that it also plans to actively engage clients to help them achieve their own transitions to net zero. 

“Net zero means rethinking our business and helping our clients rethink theirs. We believe that  global financial institutions like Citi have the opportunity—and responsibility—to play a leading  role in accelerating the transition to a net zero economy and deliver on the promise of the  Paris Agreement,” ” Angel said, adding that their track record in sustainable finance will enable the bank to support clients with new ways of creating financial value that has environmental social benefits.

From 2014 to 2019, Citi financed and facilitated US$164b in low-carbon solutions and  last year committed to an additional US$250b in environmental transactions by 2025. 

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Get Asian Banking & Finance in your inbox

VCs flocking to "lucrative" APAC payments segment: report

Global VC deals rose to 620 in Q1 2021.

China injects $15.5b cash into the financial system to maintain liquidity: report

The nation’s top leaders recently described economic recovery as “unbalanced and unstable.”

Chart of the Week: Card payments in China to rebound 21.3% in 2021

Card payments are set to rise as economic activities gathers pace.

Citi APAC adds nearly 650 new wealth professionals in 2021 so far

The group has added over $5b in net new money in Q1 alone.

Goldman Sachs ramps up China ambitions with hiring spree: report

It is planning to add over 400 new people in its headcount in 2021 alone.

Citi appoints new head for private banking arm in South Asia

Lee will have direct responsibility over the private bank arm of Singapore, Malaysia.

Citi APAC rolls out gender diversity program for investment, securities arm

The program’s 50 top candidates will have the chance to be recruited by the bank.

Standard Chartered, EastWest on the blueprint for building the bank of the future

Data is the new oil, says Sarabjit Anand, Standard Chartered’s CIO for Singapore and ASEAN.

Low costs buoys Australian banks’ profits, but pressures to persist

Operating profit is 46% higher than last year, but pre-impairment earnings remain subdued.

HSG shares insights on modelling core banking IT for the digital economy

Sisi Yu gives us a glimpse of how banks can achieve higher performance through improved services.