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Citi Enters into Agreement with CLP Power Hong Kong to Power Operations with Renewable Energy

With this, Citi Bank is all set to become the first bank in Hong Kong to power its entire operations using renewable energy locally sourced from CLP Power.

March 01, 2023. By Anurima Mondal

Citi Bank has entered a multi-year renewable energy purchase agreement with CLP Power Hong Kong Ltd. The bank would reportedly purchase electricity up to 106,400,000 kilowatt-hours (kWh) generated from local renewable energy sources over a six-year period until 2027 which will supposedly reduce 41,496 tonnes of CO2 emissions.
 
With this purchase, Citi is all set to become the first bank in Hong Kong to power its entire operations using renewable energy locally sourced from CLP Power. 
 
Citi has long been partnering with CLP Power on numerous environmental sustainability initiatives in Hong Kong. It is one of the largest buyers of CLP renewable energy certificates. 
 
In 2021, Citi installed an on-site renewable energy system consisting of 360 solar panels on the rooftop of Citi Tower in Kowloon East. The system is connected to CLP Power's electricity grid. 
 
“As a longstanding corporate citizen of Hong Kong, we have a commitment and responsibility to create a positive impact in the community where we live and work. This includes our ongoing effort to reduce the environmental footprint of our operations," said Aveline San, CEO of Citi Hong Kong and Macau. 
 
"Having achieved our global goal to be 100 percent powered by renewable energy in 2020, we are proud to be taking our environmental sustainability commitment to the next level by sourcing local renewable energy through our partnership with CLP Power. We look forward to further deepening our collaboration with CLP Power on driving a more sustainable future through innovative solutions and initiatives," she added. 
 
"The 2050 carbon neutrality target is an important milestone for Hong Kong. We see more businesses exploring ways to manage energy demand to deliver their decarbonisation agenda. Purchasing CLP renewable energy certificates is one of the effective ways for businesses to offset their carbon emissions, and we are delighted that there has been an upward trend in larger purchases of renewable energy certificates in recent years,” said T.K. Chiang, Managing Director, CLP Power.
 
Globally, Citi made a commitment to achieve net zero greenhouse gas (GHG) emissions by 2050. This includes the emissions related to Citi's own operations and those financed by its banking activities. 
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