Across the globe, we are experiencing more of the effects of climate change in our lives.
Amidst this complex backdrop, our senior delegation travels to Dubai this week for the 28th United Nations Climate Change “Conference of Parties,” or COP28, where we are focused on how Citi can help support countries and companies to scale up solutions for the transition to a low-carbon economy.
As our Citi team attends COP this year, we aim to play our part in building a financial ecosystem that can rise to the challenge of supporting the health of our economy and our planet’s ecosystem.
Just as impacts from climate change can gather momentum, we can see the growth in financial solutions focused on low-carbon and sustainable outcomes. Climate finance flows reached an impressive $1.4 trillion total last year, according to the Climate Policy Initiative, and even though that feels like a tipping point, we know much more finance is needed, and more bankable and investable projects are needed as well.
Of course, recognizing a tipping point is not always obvious when you’re in the middle of a period of change, but if we look for signs of transformation, many are already apparent:
For a bank, this means there are more ways to support clients as they seek to decarbonize their business models, work with innovators scaling clean energy and technology solutions, and provide access to affordable, clean energy in emerging markets.
At Citi, we are committed to transparency about our progress and the challenges we face as we move through this transition.
Since 2021, when Citi announced our commitment to reach net zero emissions, we have set interim emissions reduction targets for six carbon-intensive sectors, including Energy, Power, Auto Manufacturing and Steel. We also announced earlier this year that from 2020 to 2022, we have logged $348.5 billion toward our $1 trillion sustainable finance goal by 2030.
At Citi and at COP, we continue to use our expertise to support our clients in addressing global challenges and navigating the energy transition, in areas such as:
Engaging in productive conversations with clients and other stakeholders working across these issues at COP28 will inform our work as we all head into the next era of sustainable finance.
A full list of Citi’s COP28 activities can be found here.