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Citi announced this week the issuance of the firm’s first green bond, further enhancing its commitment to environmental and climate finance.

The bank explains in a statement that the bond will fund renewable energy, sustainable transportation, water quality and conservation, energy efficiency and green building projects financed as part of Citi’s $100 billion Environmental Finance Goal.

The consultancy Sustainalytics has reviewed Citi’s Green Bond Framework and has confirmed in their Second Party Opinion that it is aligned with the overall sustainability objectives of Citi and with the ICMA Green Bond Principles.

In the deal, which priced on January 22, 2019, Citi issued €1 billion 3-year fixed rate notes. The transaction marks the first green bond offering from Citigroup Inc.

“We are proud to start the year with the launch of our inaugural green bond,” said Jamie Forese, President of Citigroup and Head of the Institutional Clients Group.

“This transaction represents an important next step in expanding Citi’s commitment to sustainable growth. This bond also further enhances our green bond expertise, strengthens our partnerships with clients around the world and responds to increasing investor interest in sustainable finance,” Forese added.

In 2015, Citi announced a $100 billion Environmental Finance Goal to finance and facilitate $100 billion within 10 years to support environmental solutions and accelerate the global transition to a low-carbon economy. Citi also recently announced that it will source renewable power for 100% of its global energy needs by 2020.

Both initiatives are part of Citi’s contribution to advancing the United Nations Sustainable Development Goals (SDGs). They are also key goals of Citi’s Sustainable Progress Strategy, which sets out Citi’s guiding principles, priorities and ambitions in environmental finance, environmental and social risk management, and the firm’s own operations and supply chain.

“Since we co-founded the Green Bond Principles in 2014, Citi has played a leading role in the development of the green bond market, and we look forward to maintaining our commitment as this market continues to grow,” said Michael Verdeschi, Treasurer of Citi.