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Citi Commits $50B to Address Climate Change

Citi announced it will direct $50 billion over the next 10 years to address climate change through investments, financings and related activities to support the commercialization and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. “The comprehensive program we are announcing today is not a wish-list, but a realistic, achievable plan that serves a critical global need and responds to an emerging investment opportunity,” says Charles Prince, Chairman and CEO. Rainforest Action Network (RAN) tempered praise for the announcement by calling on Citi and its peers to stop funding new coal development and other projects that contribute to the global climate crisis. It warned that $50 billion would do little to fix the damage being done by Citi’s dirty investments. “Fifty billion dollars to fight climate change is great, but Citi is using its left hand to clean up a mess made by the right one,” said Michael Brune, RAN executive director. We’re pleased by this announcement, but praise for Citi must be tempered by the understanding that this bank is continuing to fund some of the worst, most CO2-intensive projects in the world.” According […]

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U.S. Climate Action Partnership Doubles, GM Signs On

Over a dozen major companies from across the economy have joined the U.S. Climate Action Partnership and its call for Congress to put a firm cap on carbon emissions. General Motors is the first automobile manufacturer to join the coalition, potentially breaking the long stalemate over rising emissions from the transportation sector. Along with GM, new member companies include Alcan, American International Group, Boston Scientific, ConocoPhillips, Deere & Company, Dow Chemical Co., Johnson & Johnson, Marsh Inc., PepsiCo, Shell, and Siemens. Also joining the group are the National Wildlife Federation and The Nature Conservancy, creating an unprecedented alliance for the creation of a firm cap to reduce greenhouse gas emissions. Launched in January, USCAP is asking Congress to adopt a mandatory, comprehensive greenhouse gas cap and trade system that reduces emissions by 60-80% from current levels by 2050. Cap and Trade puts an enforceable limit on emissions and allows companies to buy and sell emissions credits to meet their obligations. The approach should provide an economic incentive for companies to reduce global warming pollution and unleash a wave of private-sector investment in low-carbon technologies.

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EI Solutions to Build Largest Solar Facility in Pacific Northwest

EI Solutions, the systems integration arm of Energy Innovations, Inc., has been awarded the contract to develop the Pacific Northwest’s largest solar-powered generating facility for Puget Sound Energy, subsidiary of Puget Energy (NYSE:PSE). The 500-kilowatt solar-powered generating facility will roughly double Washington State’s solar output and will be located alongside the utility’s Wild Horse wind-power facility in central Washington. The facility will be four times larger than any existing solar facility in the Northwest and will be the first commercial installation to use solar panels manufactured in Washington State. “Puget Sound Energy’s leadership in renewable energy is a great example for utilities across the country,” said Andrew Beebe, president of EI Solutions. “By integrating solar into its already substantial wind development, PSE has shown the value of a portfolio approach to providing clean, renewable sources of energy to its customers.” The $3.7 million Wild Horse solar project will have more than 2,500 photovoltaic solar panels, mounted in two separate locations across five acres. EI Solutions is expected to begin construction of the solar project in June, with final completion expected before year’s end. The solar facility’s designed output will serve the equivalent energy needs of about 300 households. EI Solutions […]

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China Power to spend $4B on Renewables

China Power International, run by the daughter of former Premier Li Peng, says it will spend up to $4 billion by 2010 to develop renewable energy sources. The company is considering listing on mainland stock exchanges to help bankroll the investment, which would be one of the largest ever in renewable energy. China intends to spend an estimated $200 billion on renewable energy over the next 15 years and has ordered its largest power firms to derive 5% of their generation from renewables by the end of 2010 and by 10% by 2020. State-run firms including China Power, Huaneng Power and Datang International Power are gearing up commercial projects. By 2010, China Power International plans 1,000 megawatts (MW) of renewable energy, with another 1,000 MW under construction and another 1,000 MW in the pipeline. “It typically takes 8 to 10 billion yuan to build 1,000 megawatts of renewable capacity. So the total investment will be 24 to 30 billion yuan ($3.1-$3.9 billion),” said Liu Genyu, Oriental Investment’s COO.

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