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Net Zero

Net Zero

Our Commitment to Net Zero

In March 2021, Citi made a commitment to reach net zero greenhouse gas emissions by 2050, including our own operations by 2030. For a global financial institution like Citi, a net zero commitment means working with our clients and helping them in their own low-carbon transitions. 

Our Net Zero Framework

  • Calculate baseline financed emissions for each carbon-intensive sector

  • Identify the appropriate climate scenario transition pathway

  • Establish emissions reduction targets for 2030 and beyond

  • Engage with and assess clients to determine transition opportunities

  • Solicit feedback from clients, investors and other stakeholders as this work continues to evolve, and collectively define net zero for the banking sector

OUR APPROACH

Our approach is guided by Citi’s Net Zero Transition Principles, which reflect our aim to reduce emissions with urgency in the near-term, while also driving a responsible and orderly transition that minimizes economic disruption. We expect these principles to evolve as we collectively learn with our clients, peers, investors and other stakeholders.

Citi Net Zero Transition Principles

As we transition our business to reach net zero GHG emissions by 2050, Citi will be guided by the Transition Principles below. The transition to a low-carbon economy is constantly evolving and our progress and strategy require an adaptive and iterative approach. We expect these principles to evolve as we learn with our clients, peers, investors and other stakeholders. We recognize that in addition to private sector action, a net zero future will also require public policy and technology solutions. While we acknowledge that fully transitioning the global economy will take decades, the principles reflect our aim to reduce our emissions with urgency in the near-term. We will uphold our mission of enabling growth and progress and will be proactive in helping to drive an orderly transition, while also contributing to broad sustainable development objectives.
  • Set net zero targets that are ambitious, transparent and aligned with climate science, consistent with our leadership in sustainability over the past two decades. Help define net zero for the banking sector, including through our membership in the Net-Zero Banking Alliance.
  • Partner with our clients, with the ultimate goal of helping them decarbonize. If we decide to exit a client relationship, communicate the time frame and rationale in a transparent manner, taking into account worker and community impacts.
  • Partner with our clients through their transition, ensuring appropriate alignment with our net zero commitment and helping them navigate the challenges they face. Assist clients and governments as they evaluate the carbon-intensive assets in their portfolios and consider responsible asset retirements or divestments, giving consideration to the destination, transparency and stewardship of these assets as we assess transactions and transition plans.
  • Strive to ensure that our net zero transition is consistent with other sustainable development objectives. We will also assess how our financing decisions could affect lower-income communities, developing countries and communities dependent on carbon-intensive sectors, balancing the need for carbon reduction with the potential negative impacts on access to energy and economic dislocation. We will be mindful that some of these same communities could also be faced with some of the worst impacts of climate change.
  • Work with the public sector, clients, civil society and our peers to transparently promote and support climate policies, regulations and the scaling of new technologies that are required for an orderly transition.
  • Report annually on our progress and our transition as we learn.
2022 TCFD Report

Citi’s 2022 TCFD Report highlights the progress we are making on our net zero commitments and how we are balancing climate risks and opportunities in our business.

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