Citigroup and Rainforest Action Network declare 'ceasefire'

Date: 20 Apr 2003

Citigroup, which over the last few days has been the target of vigorous campaigning by the Rainforest Action Network, has released a joint statement with the organisation declaring a 'ceasefire', and saying that they have entered an extended period of dialogue.

Rainforest Action Network had accused the company of undertaking its operations without regard to social and environmental standards. It attacked the company for being "one of the world's top funders of the fossil fuel and logging industries".

The joint statement promises that the company will take early additional measures "to reduce degradation or destruction of endangered ecosystems in the conduct of our business."

Citigroup also said it would report greenhouse gas intensity of future power projects in our project finance business, and seek to identify investments in less carbon-intensive sources of energy moving forward.

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