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Bank Of America Investment Citigroup, the worlds largest financial institution, announced Thursday that it is adopting a corporate policy to carefully evaluate requests for project financing that could adversely affect the environment.

expected 3.6 percent, led by record revenue from its securities unit and banking outside the US. Citigroup's investment bank earned $1.93 billion, more than any Wall Street firm except Goldman Sachs Group Inc. ( GS). Chief Executive Charles Prince expressed approval of Citigroup's securities and international banking sector but was disappointed in Citigroup's consumer business saying, "The one we're not firing on is our consumer business, which we saw good customer interaction and lower credit costs, but we also saw revenue growth was not where we hoped it would be."

Investment Opportunity It also bans funding for illegal logging operations and commits Citigroup to invest in sustainable forestry and renewable energy.

Along the Secaucus and Newark stretches of the New Jersey Turnpike, wattage bulbs, they glare at them dangerously, says John Batinsey, an environmental activist.

Banc Of America Investment The initiatives come after four years of anti-Citi demonstrations by the Rainforest Action Network, a group whose latest campaign targets Ford Motor for lobbying against higher fuel-efficiency standards for vehicles.

Activists applaud initiative

There will be an important meeting of New Jersey college and high school student environmental activists this Sunday (March 16th) in Newark. 4 pm at St. Benedict's High School (directions below). Attend the meeting to participate in creating a New Jersey student environmental justice movement. The purpose of the meeting is for NJSSC activists to create a practical vision for our movement, inspire each other, and get out there and act locally! Food will be provided. Please attend!

Banking Investment Se Hogue, global finance campaign director for the San Francisco-based environmental group, said Citi is the first American bank to adopt such a comprehensive policy.

When Reed left his position as CEO of Citigroup, the largest private financial institution in North America, he cashed in nearly $3 hundred million worth of the corporations stock and held onto 4.1 million shares. Citigroup has been widely criticized for practices that threaten health, the environment and human rights in the US and around the world. Altria, Citigroup is notorious for its enormous influence over public policy.

Investment Solution Strategic We think this is the most significant environmental commitment to date in the financial services sector ... and perhaps in the corporate sector, because of the potential ripple effects, Hogue said.

"At some point, it will have to be buried, because it's radioactive material. We will continue to explore options, " Golden said. Greenpeace spokesman Tom Clement said the environmental group welcomed Edison's decision not to move the reactor. Greenpeace activists in Argentina joined other environmental groups there in asking the government to keep the shipment outside that country's territorial waters.

Investment Banking Services She spoke in a joint announcement with Pam Flaherty, head of global community relations and environmental affairs for Citigroup.

Bank Investment Flaherty said the new initiative builds on voluntary guidelines that 18 global financial institutions have signed since last June. The principles require the banks to adopt procedures to evaluate the social and environmental impacts of infrastructure projects that they finance.

Alternative Investment What weve done is moved beyond that, building on it and making it more comprehensive, Flaherty said.

Renewable energy incentives

Online Investment Services The bank said the new policys main points are:

Accompany Essential Investment --Putting in place additional screening of financing requests for projects Citigroup determines could adversely impact a critical natural habitat. Included will be a ban on lending for commercial logging in primary, tropical forests.
--Refusing loans to companies engaged in illegal logging.
--Developing a program to invest in sustainable forestry and renewable energy, including financing for solar panels, residential wind turbines and fuel cells.
--Reporting greenhouse emissions gasses linked to global warming from power projects in its portfolio.

Investment Company Flaherty said the policy had been discussed companywide and with clients to ensure cooperation. Citigroup has operations in 100 countries.

Investment Management Solution The Rainforest Action Network described Citigroup as "the first multinational bank to prohibit investment in any extractive industry (e.g. oil and gas, mining, logging) in primary tropical forest and place severe restrictions on destructive investment in all endangered ecosystems worldwide."

Investment Management Services Of note, it added, is "the finance industry's first illegal logging policy, requiring documentation of legality prior to investment in any logging or logging-related projects."

Guide Investment Stock It is not the first time Citigroup has changed its policies after public protests.

Investment Manual Solution The bank adopted reforms to eliminate practices that took advantage of low-income borrowers after community groups bitterly protested its 2000 purchase of Associates First Capital Corp., which specialized in loans to high-risk borrowers. Associates was later merger into CitiFinancial.

Investment Stock Citigroup's new policy is online at www.citigroup.com/citigroup/environment/initiatives.htm.

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