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Citigroup sets rare hard target to reduce energy-sector emissions

By Ross Kerber BOSTON (Reuters) - Citigroup Inc (NYSE:C) on Wednesday laid out goals for corporate borrowers to cut emissions that included a rare "absolute reduction" target...
Citigroup sets rare hard target to reduce energy-sector emissions © Reuters. FILE PHOTO: The logo for Citibank is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly

By Ross Kerber

BOSTON (Reuters) - Citigroup Inc (NYSE:C) on Wednesday laid out goals for corporate borrowers to cut emissions that included a rare "absolute reduction" target for companies in the energy sector by the end of the decade.

Citi said in a report that it aims for emissions from companies across its energy loan portfolio to drop 29% by 2030 from 2020. Other banks have focused on cutting clients' "emissions intensity," a measure of emissions relative to output that climate activists have said does not go far enough.

Citi did target a 63% reduction in emissions intensity for borrowers across the power sector.

A Citi representative said while global absolute emissions must decrease soon, it chose an intensity target for power "because many aspects of the global economy will need to be electrified, so we’ll need to increase power generation while also decarbonizing it."

The figures were in a report Citi issued detailing how, like other banks, it aims to achieve net-zero carbon emissions associated with its financing by 2050.

As governments vow to cut planet-warming carbon emissions, attention has turned to practical questions of how banks, energy and power companies can transition to cleaner fuels without hurting global growth.

In an introduction to the report, Citi Chief Executive Officer Jane Fraser said the bank aims to balance its climate efforts with other goals like not exacerbating income inequality, especially in developing markets. Dropping clients, she wrote, would be a "last resort."

Among global banks, Citi financed the second-largest amount of fossil-fuel activities in 2020, $48.4 billion, according to a report last year by climate advocacy groups.

Several of those groups on Wednesday praised Citi's approach over rivals but said the New York bank should do more to restrict lending to the oil and gas industries.

“The bank should require companies to end expansion of fossil fuels as an explicit criterion in its client assessment," said Jason Opeña Disterhoft, a representative of the Rainforest Action Network, via e-mail.

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28-03-2024 20:26:51 (UTC+7)

EUR/USD

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EUR/USD

1.0809

-0.0017 (-0.16%)

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GBP/USD

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USD/JPY

151.32

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AUD/USD

0.6506

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EUR/JPY

163.49

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EUR/CHF

0.9764

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Gold Futures

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Bayer AG NA

28.52

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276.88

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Adidas AG

206.30

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    EUR/USD 1.0809 Sell  
    GBP/USD 1.2638 ↑ Sell  
    USD/JPY 151.32 ↑ Buy  
    AUD/USD 0.6506 Sell  
    USD/CAD 1.3566 ↑ Sell  
    EUR/JPY 163.49 Neutral  
    EUR/CHF 0.9764 Sell  
    Gold 2,230.90 ↑ Sell  
    Silver 24.733 ↑ Sell  
    Copper 3.9947 ↑ Sell  
    Crude Oil WTI 82.45 ↑ Sell  
    Brent Oil 86.38 ↑ Sell  
    Natural Gas 1.747 ↑ Buy  
    US Coffee C 189.05 Buy  
    Euro Stoxx 50 5,092.15 ↑ Sell  
    S&P 500 5,248.49 ↑ Buy  
    DAX 18,491.55 ↑ Sell  
    FTSE 100 7,959.25 ↑ Buy  
    Hang Seng 16,541.42 Neutral  
    Small Cap 2000 2,114.35 ↑ Buy  
    IBEX 35 11,094.50 ↑ Sell  
    BASF 52.935 ↑ Sell  
    Bayer 28.52 ↑ Sell  
    Allianz 276.88 ↑ Sell  
    Adidas 206.30 ↑ Sell  
    Lufthansa 7.263 ↑ Buy  
    Siemens AG 177.05 Neutral  
    Deutsche Bank AG 14.585 ↑ Sell  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank7,880/ 8,050
(0/ 0) # 1,398
SJC HCM7,900/ 8,100
(10/ 10) # 1,450
SJC Hanoi7,900/ 8,102
(10/ 10) # 1,452
SJC Danang7,900/ 8,102
(10/ 10) # 1,452
SJC Nhatrang7,900/ 8,102
(10/ 10) # 1,452
SJC Cantho7,900/ 8,102
(10/ 10) # 1,452
Cập nhật 28-03-2024 20:26:53
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RON 95-V24.69025.180
RON 95-III24.28024.760
E5 RON 92-II23.21023.670
DO 0.05S21.01021.430
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Ngoại tệMua vàoBán ra
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EUR26.018,3427.446,04
GBP30.390,9531.684,00
JPY158,69167,96
KRW15,8419,20
Cập nhật lúc 18:53:18 28/03/2024
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