Citigroup is investing $50 billion in green projects. But is this concern for the planet or mere opportunism? A bit of both, writes Dominic Rushe from New York
On the Baja coast of Mexico overlooking the Sea of Cortez, the Loreto Bay company is building 6,000 homes.
Population shifts and the arrival of American buyers are putting unprecedented strain on Mexico’s infrastructure in other beauty spots like the Yucatan peninsula, where fresh-water supplies are already threatened. Loreto intends to be different. All its electricity will be supplied by wind turbines and it plans to produce more drinking water than it consumes. One of the scheme’s backers is Citigroup, the world’s biggest financial-services company.
The $3 billion (£1.5 billion) development is a small project for the banking colossus – Citi manages assets worth more than $2,000 billion. But it is one of several greener investments that Citi is targeting as part of a multi-billion-dollar push into clean energy and alternative technologies, according to an announcement it made last week.
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