With transition finance, banks can help create a low-carbon future
To limit global warming, scientists say we have a window of opportunity to transform our energy sector and that we need to substantially reduce the use of fossil fuels, improve energy efficiency and create new sources of clean fuels.
This is the energy transition. Finance will play a critical role in helping governments, innovators, and companies develop and scale up solutions for a low-carbon future.
Watch the video below, produced in collaboration with the Vox Explainer Studio, to learn about Citi's approach to transition finance.
Why it matters:
Citi recognizes the importance of transitioning to a low-carbon economy and is committed to reaching Net Zero by 2050. That's why we're financing and facilitating clean energy solutions through our $1 trillion sustainable finance goal by 2030, and working with our clients, including our fossil fuel clients, to support their efforts to decarbonize their businesses.
And as one of the largest financiers of traditional energy, Citi recognizes the opportunity to play a large role in the transition. The energy sector needs capital to build and evolve new business models. Our approach reflects the necessity to advance the energy transition, while also continuing to meet global energy needs.
“We know that to reduce emissions, we really need to meet the energy needs today and tomorrow with clean, low-carbon solutions. And in many instances, those solutions are going to come from our traditional energy sector and those energy producers,” said Val Smith, Chief Sustainability Officer at Citi.
Read about Citi's progress toward net zero and how we are working with our clients in our 2022 TCFD Report.
This content was produced in collaboration between Vox Creative and Citi, without involvement from Vox Media editorial staff.