Citizens Financial Announces $50 Billion Sustainable Finance Target
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Citizens Financial Group, Inc. (CFG), a commercial lender, announced $50 billion in sustainable finance target which includes a $5 billion in green financing, by 2030.
The company aims to finance and facilitate sustainable environmental and social initiatives, including affordable housing, support for small businesses, and community development projects.
Out of the total sum, $5 billion will be used to finance and facilitate green initiatives that support a lower-carbon future such as renewable energy, clean technologies, and green buildings. CFG added that it will engage with corporate clients in high-emitting sectors on climate-related topics. As part of its plans, it will engage all of its oil and gas clients by the end of 2024.
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In addition, Citizens has committed to achieve carbon neutrality by 2035.
The lender noted that its initiatives such as Citizens’ Sustainable Deposits and Carbon Offset Deposit Account products allow clients to incorporate their sustainability goals into their banking strategies.