Shareholder advocacy group As You Sow has commended Citi for “moving the ball forward in understanding its pathway to net zero” following disclosures in its latest climate report of clients’ transition progress. But other non-profits say the disclosures put pressure on Citi to drop fossil fuel clients that do not have sufficient transition plans.
For the first time, Citi’s 2023 climate report revealed the preliminary results of the bank’s assessment of the strength of energy and power clients’ transition plans. For energy clients, Citi assessed their “transition alignment” both with respect to Scope 1 and 2 emissions from their own operations, as well as Scopes 1–3.
