ESG
The ESG Phenomenon: Citigroup, UBS
The latest developments in the ESG space.
Citigroup
Citigroup has
launched a “sustainable trade and working capital loans solution
in Asia-Pacific, Europe, the Middle East and Africa, as well as
for Latin America.
The launch, which comes after the US bank rolled out its
Sustainable Supply Chain Finance offering, is an example of
financial institutions tapping into the trend of environmental,
social and governance investment.
T&WC loans have helped the bank’s corporate, commodity,
financial institution and commercial banking clients to
manage their working capital needs, Citigroup said in a
statement yesterday.
Citigroup, which launched its updated Sustainable Progress
Strategy in July 2020, also committed $1 trillion to
sustainable finance by 2030; this includes $500 billion for
environmental finance and $500 billion for social finance.
UBS
UBS has joined a group
that supports “green software” as part of its drive to help
reduce carbon emissions, the Swiss bank said yesterday. The
lender has joined the Green Software Foundation as a steering
member.
The foundation is a non-profit formed under the Linux Foundation
with the aim of creating an ecosystem of people, standards,
tooling, and best practices for building green software.
The link between the bank and the foundation will be driven by
UBS’s Sustainable Technology Guild, formed in 2021 to help
deliver the firm’s “Net Zero by 2050” commitment.
