A new global report from Citi has revealed that 42% of its energy clients lack comprehensive climate transition plans.
Released on March 28, 2024, under the stewardship of Chief Executive Officer Jane Fraser, the report outlines Citi’s strategy and commitment towards aiding clients across various industries and nations in their transition to a sustainable, low-carbon future, according to ESG News.
The report underscores the urgent need for a transition to a low-carbon economy, highlighting the challenges faced by the energy sector in adopting comprehensive climate transition plans.
Despite this, Citi actively contributes to the transition through significant renewable energy projects, sustainable finance innovations, and facilitating an inclusive shift.
Jane Fraser, CEO of Citi, emphasizes, “From our work with clients in nearly 160 markets, we know that the journey toward net zero will occur at different speeds in every industry and country. We support our clients in financing their transition to low-carbon business models and innovating clean technologies, whilst also supporting clients who supply ample and affordable energy to meet the world’s current and future needs. These activities are not mutually exclusive and must be addressed simultaneously.”
The report’s revelation regarding the lack of comprehensive plans among Citi’s energy clients underscores the substantial gap in readiness within key sectors to confront climate change challenges actively. It highlights the urgency and scale of effort required to foster a more sustainable and resilient energy sector.
Furthermore, the report candidly addresses the complexities of the transition towards a sustainable energy future, emphasising the need for a collaborative, multifaceted approach involving supportive public policies, investment in clean energy technologies, and infrastructure upgrades.
Citi views the energy evolution as a significant business opportunity, not only for itself but also for its clients. Despite challenges, Citi remains committed to achieving a net zero target by 2050, demonstrating its dedication to addressing one of the most pressing challenges of our time while delivering value to all stakeholders.
Jane Fraser, the Chief Executive Officer of Citi said, “From our work with clients in nearly 160 markets, we know that the journey toward net zero will occur at different speeds in every industry and country. We support our clients in financing their transition to low-carbon business models and innovating clean technologies, whilst also supporting clients who supply ample and affordable energy to meet the world’s current and future needs. These activities are not mutually exclusive and must be addressed simultaneously.“
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