The minute
- The bank has committed $647.2 billion since 2020 toward its $1 trillion sustainable finance goal, about 65% of the way there by end of 2025; 2025 alone accounted for $91.3 billion, 62% of it in international markets outside North America
- On operational emissions, the goal was a 45% cut in scope 1 and 2 emissions (2010 baseline) and the bank delivered 58%, while maintaining 100% renewable electricity sourcing
- New 2030 goals (2025 baseline) target a further 15% cut in scope 1 and 2 emissions and 10% cut in energy consumption, focused on efficiency, facility retrofits and onsite renewable generation
Why it matters
Beating its own operational emissions target by 13 percentage points (58% delivered against a 45% promise) is an unusual result for this kind of corporate commitment, but the bank itself acknowledges that “financed emissions” — the carbon footprint of the loans and investments it makes, not its own operations — remains the much bigger and harder challenge.
The bank’s “sustainable finance” label covers both environmental and social categories, not just climate projects — which helps explain how Citi can move so fast toward its $1 trillion goal without that necessarily meaning most of the money is going to direct decarbonization. via Carbon Credits
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