A major victory yesterday for the rain forest and fragile ecosystems around the world.
After four years of grassroots organizing and action on the part of Rainforest Action Network and our friends and allies around the world, Citigroup – the world’s largest bank and once the world’s most destructive – has adopted a set of landmark environmental policies that will transform the way the company, and the entire banking industry, does business.
Citigroup has committed to deny funding for logging operations in tropical rainforests and to place severe restrictions on investment in extractive industries (oil, gas, logging, mining) operating in all endangered ecosystems worldwide. Citigroup will also adopt stringent prohibitions guarding against investment in illegal logging, and will take steps to reduce greenhouse gas emissions from its clients and to increase investment in renewable energy projects.
It’s about time.