Citi says 42% of energy clients lack climate transition plans – Yahoo Finance

Like many other large banks and companies, Citi has set a "net zero" target by 2050.
March 28, 2024
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In 42% of cases, it found “absence of a substantive transition plan,” and a lack of disclosure of Scope 3 emissions, which are released into the atmosphere from companies’ supply chains and customers. Those gases usually represent 70% of their carbon footprints, according to Deloitte consultants.

Citi found just 8% of its energy clients had a “comprehensive and ambitious transition plan targeting Scopes 1-3 emissions reductions and demonstrated ability to execute.” The proportion rose to 37% when Scope 3 emissions were excluded.

By Isla Binnie

Read the full post at Google News - Climate.

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