CITI Reports on Clients’ Climate Transition Progress

Report Will Provide Investors with Greater Insight into Citi’s Ability to Meet Its 2030 Climate Goals

FOR IMMEDIATE RELEASE

MEDIA CONTACT: Sophia Wilson, [email protected], (341) 600-1832

BERKELEY, CALIFORNIA—MARCH 28, 2024 —Citibank today released a climate report containing information on its energy and power clients’ climate transition progress. This information was provided in response to a shareholder proposal filed with Citi this year by As You Sow. The proposal asked Citi to disclose, for each of its sectors with a Net Zero-aligned 2030 target, the proportion of sector emissions attributable to clients that are not aligned with a credible Net Zero pathway and any actions it proposes for shortfalls.

Financial institutions have a critical role to play in achieving global 1.5oC-aligned goals. Recognizing this, many banks, including Citi, have committed to net zero goals for their lending and financing activities in high-carbon sectors. Information on clients’ transition alignment is necessary for investors to understand the progress and likelihood that banks will meet their own climate goals. 

“Assessing information about client transition progress is important, but sharing the results with shareholders is vital to investors making informed decision-making,” said Danielle Fugere, President and Chief Counsel of As You Sow. “We commend Citi for its transparency and responsiveness to its shareholders and for moving the ball forward in understanding its pathway to net zero.”

“The report indicates that 42% of assessed clients in the energy sector lack a substantive transition plan and/or disclosures on Scope 3 emissions,” said Fugere. “This indicates that Citi must begin addressing this critical shortfall to meet its own climate commitments.”

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As You Sow is the nation’s leading shareholder representative, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.