By Laura Barron-Lopez - 02/18/15 09:10 AM EST
Citigroup announced on Wednesday a commitment to lend, invest and facilitate $100 billion over the next 10 years to fund activities that mitigate the impacts of climate change.
The initiative builds on one Citi launched in 2003, which set a goal of $50 billion that was met in 2013.
"Citi has demonstrated its deep commitment to not only taking environmental consequences into account, but also finding innovative ways to finance projects that lead to sustainable growth," said Citi CEO Michael Corbat.
Citi will also finance projects that make communities more resilient to climate change impacts and infrastructure improvements that increase availability to clean water.
"Today's announcement from Citi will add further opportunities to help cities achieve their climate targets, and allow businesses to become more sustainable," said James Alexander, head of finance with C40, a network of the world's biggest cities working toward more sustainability.