Citibank Korea Collaborates with Hyundai E&C on Sustainable Growth

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Citibank Korea Collaborates with Hyundai E&C on Sustainable Growth


Citibank Korea has established an agreement with Hyundai Engineering & Construction (E&C) [000720:KS], the Hyundai Group’s construction company, to promote ESG practices and expand their global businesses, as reported by the Korea Times on March 7. As part of the partnership, Citibank will provide a variety of financial instruments to support Hyundai E&C’s overseas eco-friendly projects, including offshore wind and hydrogen liquefaction. The two companies will also share their ESG development experience.

Citigroup [C:US] has pledged to invest USD1tr in sustainable finance, with a net-zero emission goal for its operations by 2030 and for projects it supports by 2050, according to a statement released in March 2021. Citigroup has secured USD40bn for its Asia-Pacific clients to support sustainability projects in 2021, a six-fold increase from 2020. Citigroup Asia Pacific CEO Peter Babej noted that sustainable finance is a key strategy for the company and that it is dedicated to assisting customers to decarbonize their businesses and achieve their corporate sustainability goals. Hyundai Motor [005380:KS] also said that it would be carbon neutral by 2045, hence it will ramp up the development of electric vehicles (EVs) and fuel cell electric vehicles (FCEVs), as well as increase the use of renewable energy, including solar and wind power.