Citibank's response to RAN report
Central to Citi’s 2025 Sustainable Progress Strategy are Citi’s concerns about the climate crisis and our need to play a leadership role in addressing it. As the world’s most global bank, our exposure to fossil fuels is connected to our exposure to the global economy, placing us in an important economic position to help drive the global economy to net zero.
... We have been on a trajectory of enhancing our approach to fossil fuels and the low-carbon transition over the last few years, including enhancing our policies, restructuring our business teams, establishing new environmental finance commitments, conducting climate risk analysis and continuing our vocal advocacy for robust public policy...
- In 2020, we updated our ESRM fossil fuel sector standards, including prohibitions for project-related financing of thermal coal mines, coal-fired power projects and Arctic oil and gas exploration and development.
- In 2020, we also updated our thermal coal mining policy to reduce our credit exposure to thermal coal mining companies by 50% by 2025 and to zero by 2030; after 2025, we also will not provide capital markets or mergers and acquisitions advisory and financial services to thermal coal mining companies.