Invest NI has been accused of making taxpayers complicit in “climate destruction” by giving a $90 billion bank that funds fossil fuel projects, almost £40 million.
Investment bank, Citi, is reported to be the second biggest funder of fossil fuel projects worldwide.
The firm, which is worth some $90.31 billion worldwide, was given £39.21m Invest Northern Ireland funding between 2004/5 and 2014/15.
Read more: W5 nature and climate exhibition sponsored by mega fossil fuel funder Citibank
Invest NI said the money was provided in support of 2,111 new jobs, research and development and for developing skills.
In a Freedom of Information Request, which we’ve seen, the public body said it “revises performance data on a regular basis to ensure it reflects implemented projects”.
We asked Invest NI whether they do any due diligence on the fossil fuel interests of companies it gives grants to and why they gave such a wealthy bank so much public money.
A spokesperson said: “Before deciding to invest in Northern Ireland, Citi considered numerous global locations with each of its investments being highly mobile.
“Invest NI has supported the company to create over 2000 jobs in Northern Ireland and the company has made considerable investment in our local economy, exceeding this target to create almost 4000 jobs since setting up here in 2004.”
They later admitted they ‘don’t do any due diligence on a company’s fossil fuel interests’.
A spokesperson added: “To date, our assessment of a project and its suitability for support is based on a number of intervention principles including economic impact, mobility and whether our support is needed to ensure the project proceeds in Northern Ireland. “We do not however do due diligence on a company’s fossil fuel interests.
“In the case of Citi Bank, our investment decision was based on its commitment to create 2000 jobs in Northern Ireland and the economic contribution that would make, which has equated to hundreds of millions of pounds of investment into the Northern Ireland economy.
“The company has exceeded its original target to create almost 4000 jobs since setting up here in 2004.
“In addition, the attraction of Citi to Northern Ireland was the kick starter for what has become a world-renowned Financial & Professional Services sector employing over 45,000 people in Northern Ireland.”
The information came to light as climate activists planned a protest outside W5, which has accepted sponsorship from Citi for its ‘In Our Nature’ exhibition which edcucates visitors about the climate crisis.
Act Now delivered letters to both W5 and Citi on Thursday as they staged a greenwashing protest with Fridays For Future, Extinction Rebellion and Friends of the Earth NI.
A spokesperson said: “Citi, based right at the centre of the iconic Titanic Quarter in Belfast, is bankrolling the destruction of the Amazon and drilling in the Arctic.
“Here in Northern Ireland they’ve been given tens of millions of pounds of public money by Invest NI to operate.
“The climate crisis is being caused by the likes of Citibank and the fossil fuel projects that it funds.”
They said the climate destruction Citi facilitates through funding is "being made possible by our own money".
W5 said: “We are committed to a continual review of our sustainability practices, and we use these to shape discussions with existing and prospective sponsors, partners, and stakeholders.”
Citibank told us: “Citi respects the advocacy of climate activists, and we share the goal of transitioning to a low-carbon economy. We are supporting clean energy solutions through our $1 trillion sustainable finance goal, and under our net zero commitment we are working with our clients to help them decarbonize. Our approach reflects the urgent need to transition while also continuing to meet global energy needs.
“We share W5’s commitment to increasing public education on climate and sustainability and look forward to continuing to support their efforts.”
They did not respond to our point: “Official documents in NI also show you took almost 40m in public funds to create jobs in Belfast despite being worth billions - which campaigners say makes the public complicit.”
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