Banking group Citi has made a commitment to achieve net zero carbon emissions by 2050.
Jane Fraser made the announcement on her first day as Chief Executive Officer, with plans to publish the bank’s initial ‘Net Zero by 2050’ plan within the next year.
The plan will include emissions reduction targets for carbon intensive sectors that also have low carbon transition opportunities, including emissions targets for 2030 for its energy and power portfolios.
After an initial implementation period, Citi will review the scope of its net zero plan to assess which additional sectors to include and how best to incorporate additional areas of its business “in a way that achieves meaningful emissions reductions in the real economy as part of a just transition”.
Jane Fraser announces #Citi’s commitment to net zero emissions by 2050 on her first day as CEO, representing the next step in our sustainability journey. Read more: https://t.co/N0pAHkB8U3 pic.twitter.com/JZxLSVmANI
— Citi (@Citi) March 1, 2021
From 2014 to 2019, the bank financed and facilitated around $164 billion (£118bn) in low carbon solutions and last year committed to completing an additional $250 billion (£180bn) in environmental transactions by 2025.
It has also reached its goal of purchasing 100% renewable electricity for its facilities.
Ms Fraser said: “The climate crisis is among the top critical challenges facing our global society and economy today and there is an urgent need for collective action. We believe that global financial institutions like Citi have the opportunity – and the responsibility – to play a leading role in helping drive the transition to a net zero global economy and make good on the promise of the Paris Agreement.
“We are committing to net zero greenhouse gas emissions by 2050. I am proud to make this commitment on my first day as CEO of Citi.”