Indian Banks Set 57 Billion Green Lending Targets By 2022

Citigroup had recently announced plans to lend, invest, and facilitate deals worth 100 billion by 2025, to support projects that will fight climate change and protect the environment. While this might seem to be a lofty target, the company had previously set a goal of 50 billion for similar initiatives in 2007, and was able to achieve it in 2013, three years ahead of the schedule.

The thing that stands out the most is what Citigroup's CEO, Michael Corbat, had to say on this:

"Simply put, it is a 100 billion investment in sustainable growth. These efforts do not constitute philanthropy, nor do they represent costs. In fact, they reduce costs."

In a pleasant departure from their stance of shying away from investing in renewable and sustainable development technologies, banks have now been planning huge funds for these sectors.

Press Information Bureau (the nodal agency of the Government of India for information dissemination) recently released a list of commitments from Indian banks and financial institutions (FIs) to invest in green energy projects. This would include biomass, small hydro, solar and wind energy based initiati

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Source: battleforgreenearth.blogspot.com