Ryanair has partnered with Citi to become the first European airline to deposit funds in its new Sustainable Deposit Solution, which launched earlier this year.
This will enable Ryanair to invest excess cash to support different sustainable financing projects across Citi’s portfolio, such as renewable energy, water conservation, healthcare and education in emerging markets.
The initiative supports Ryanair’s sustainability agenda, said the airline in a statement.
Funds invested are allocated to finance or refinance assets in a portfolio of eligible green and/or social finance projects.
This is based on the criteria set out in the Citi Green Bond Framework, Social Finance Framework and Social Bond for Affordable Housing Framework.
Ryanair’s Director of Sustainability, Thomas Fowler, said:
“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 at Citi, said:
“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 the goal to further the acceleration to a sustainable, low carbon economy.”
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