Energy Efficiency, GHG Emissions - January 21, 2022
Citi Sets 2050 Net Zero Goal
Citi announced its goals to achieve net zero by 2050, including its 2030 emissions targets.
The investment bank’s goals include its 2030 emissions targets – a 29% reduction in financed emissions for the energy sector, and a 63% reduction in portfolio emissions intensity for the power sector, which are detailed in its 2021 Task Force on Climate-Related Financial Disclosures (TCFD) report.
“We will need to actively engage with our clients across all relevant sectors to map out what decarbonization pathways look like for each industry,” said Jane Fraser, CEO of Citi, in a statement. “And in our efforts, we want to ensure we're supporting a responsible transition for all, particularly in developing countries where there may be limited access to energy and the resources needed for the transition. We will strive to meet the current needs of developing countries without causing negative social impacts or exacerbating existing inequalities, so that we can help these markets prioritize the transition to net zero while balancing both environmental and social needs.”
The company’s path to net zero emissions includes its recent $1 trillion sustainable finance goal that includes a plan to finance clean energy solutions.
Citi will support its clients in their own transitions to net zero, including its fossil fuel clients, to develop credible plans and transition to net zero together. The company will also encourage the responsible retirement of carbon-intensive assets rather than divestment as part of these transition plans.