Ryanair signs up to Citi’s New Sustainable Deposit Solution

Ryanair, Europe’s largest airline has partnered up with Citi to be the first European airline that deposits funds in Citi's new Sustainable Deposit Solution.

This was launched earlier this year. Ryanair will be able to use excess cash to fund sustainable financing projects in Citi's portfolio such as healthcare, renewable energy, and education for emerging markets.

Ryanair's sustainability agenda is supported by the initiative. The funds invested will be used to refinance or finance assets in a portfolio eligible for green and/or other social finance projects.

This is in accordance with the criteria in the Citi Green Bond Framework and Social Finance Framework and the Social Bond for Affordable Housing Framework.

Thomas Fowler (Director of Sustainability at Ryanair) stated:

“Ryanair is proud to be leading sustainable aviation in Europe, which is further evidenced by our partnership with Citi to deposit funds in their new Sustainable Deposit Solution. This will not only help us manage our finances more sustainably but will further drive our sustainability agenda in whole as we support several sustainability projects across Citi’s portfolio, from water conservation to affordable housing and beyond.”

David Tsui (Global Sustainability (ESG), Head of Deposit and Investment Products, Citi) mentioned:

“Citi is helping our clients to progress their own ESG priorities by providing the opportunity to support eligible environmental and social projects in Citi’s portfolios. We are delighted to partner with Ryanair as the first European airline to deposit funds in our recently launched Sustainable Deposit Solution. We have committed to financing and facilitating $1 trillion in sustainable finance by 2030 as part of goal to further the acceleration to a sustainable, low carbon economy.”

 

Source: breakingtravelnews.com