Energy Efficiency, GHG Emissions, Sourcing Renewables - March 3, 2021
Citi's new CEO commits the bank to net zero by 2050
Citigroup’s new CEO, Jane Fraser, announced on her first day as CEO on March 1 that the investment bank will be net zero in carbon emissions by 2050.
Part of this commitment includes a goal to publish Citi’s initial Net Zero by 2050 plan within the next year, which will include emissions reduction targets for carbon-intensive sectors and interim emissions targets for 2030 for its Energy and Power portfolios. Citi is also targeting net zero greenhouse gas emissions in its own operations by 2030.
A key part of the emissions reduction strategy will include a review period to assess how well the net zero plan can incorporate additional sectors to achieve meaningful emissions reductions across all areas of business.
“As the world's most global bank, we are interconnected with many carbon-intensive sectors that continue to help drive global economic development,” Fraser said in a statement. “We are committed to bringing as many clients as we can along with us on this journey and working with them relentlessly to get it right. We also know that staying on this path and accomplishing this goal will require help from our full set of stakeholders – our clients, colleagues, investors, NGO partners, communities and especially policy makers, as durable climate policy is essential for enabling a net zero economy where we can all thrive.”
Prior to Fraser’s ascendance to this position, Citi had implemented other key environmental initiatives such as facilitating $164 billion in low-carbon solutions between 2014 and 2019 and last year committed to completing an additional $250 billion in environmental transactions by 2025.
The company also previously achieved its target of purchasing 100% renewable electricity for its facilities.