Many firms have already been investing into clean energy projects in recent years. For instance, Citi wants to allocate $100 billion to environmental finance over the next 10 years and Wells Fargo has invested $52 billion in environmental efforts since 2005.
The shift into renewables may also be seen as a way for large banks to diversify their portfolios, which are heavy in fossil fuel – the largest U.S. banks are among the top financiers of the coal industry. Nevertheless, the firms acknowledged that they are in a position to shape the energy industry ahead.
“Part of us feels like we’re enablers of what gets done in the world,” Valerie Smith, director and head of corporate sustainability at Citigroup, told CNBC.
PowerShares WilderHill Clean Energy Portfolio
For more information on the renewables industry, visit our renewable energy category.
Max Chen contributed to this article.