(29 March 2024 – United States) Almost one in two energy companies Citi lends to lack definitive plans to cut CO₂ emissions.
The fourth-largest US bank said in a newly released climate report that in 42 percent of cases, it found an “absence of a substantive transition plan” and a lack of disclosure of Scope 3 emissions – those which are released into the atmosphere from companies' supply chains and customers.
“We expect the timing of data collection and analysis to improve. We are still in building mode. We understand the importance of moving forward on climate. We also understand the energy transition is a monumental effort, it is not happening overnight” commented Citi Chief Sustainability Officer, Valerie Smith
“Like many other large banks and companies, Citi has set a “net zero” target for business it finances to lead to no more greenhouse gas emissions than can be absorbed by technology or natural systems like forests by 2050.”