Citigroup (C) Structured A $72 Million Carbon Removal Bond

Citigroup (NYSE:C) structured a first of its kind US$72m bond to finance a biochar based carbon removal project. The bond’s returns are linked to verified carbon credits generated by the project, rather than traditional cash flow metrics. Microsoft is the anchor offtaker for the carbon credits, providing contracted demand for the removal output tied to the bond. This new US$72m carbon removal bond tied to Microsoft contracts is one factor to weigh alongside our other Citigroup findings. Our...