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Article

1 Aug 2002

Author:
International Chamber of Commerce

Citigroup backs sustainable business

Financial services giant Citigroup is encouraging sustainable enterprise in Latin America through its work with the World Resources Institute on the New Ventures initiative. Through a series of competitions open to entrepreneurs across Latin America, a panel of experts selects small and medium sized enterprises whose business ideas promise sustainability while respecting social and environmental factors. Selected companies attend an international investment forum, and can win access to business mentoring services...Entrepreneurial schemes to benefit from the New Ventures initiative include ecotourism operators, and producers of shrimps, charcoal, wood, coffee, and electric vehicles for delivering goods in densely populated cities. One Argentinean firm is dedicated to the sustainable breeding of the guanaco - a wild Patagonian camelid - for its wool. In Brazil, Ouro Fértil...uses coconut fibres to create biodegradable and organic products for sale on the local and international markets.