First Steps Towards Net Zero
By Val Smith, Chief Sustainability Officer, Citi March 23, 2021 12:00 PM
Two weeks ago, we announced our intention to have net zero emissions by 2050. We are hard at work developing our net zero plan, and we will report on our progress along the way. However, as the world's most global bank, we acknowledge that we are connected with many carbon-intensive sectors that have driven global economic development for decades. Our work to achieve net zero emissions by 2050 therefore makes it imperative that we work with our clients, including our fossil fuel clients, to help them and the energy systems that we all rely on to transition to a net-zero economy.
To that end, we recently updated our policy approach to coal-fired power generation across the power sector, outlined below. This policy builds on the updated fossil fuel policies we announced last year to phase out our business with thermal coal mining companies by 2030, with interim targets, and our commitment to not provide project-related financing of thermal coal mines and coal-fired power plants. Citi also has not provided project-related financing for oil and gas exploration and production in the Arctic in the past, and our 2020 policy updates codified that practice.
We are focused on actively engaging our clients to achieve their own net-zero transitions and to bring as many of them as we can along with us on our journey. For additional details about our policy updates and our approach to the climate crisis, see our updated Environmental and Social Policy Framework and our 2020 TCFD climate disclosure report.