On her first day as CEO of Citigroup, Jane Fraser committed the bank to achieve “net zero emissions by 2050.” What’s more, she promised that the bank would have a new climate plan by no later than March 1st, 2022. That’s in 42 days.
We know what we need from Citi’s new climate plans. Citi’s climate plans must immediately end all financial services for any company engaged in fossil fuel expansion. They need to be aligned with the emissions reductions required to limit global warming to 1.5°C. And they can not rely on carbon offsets or unproven technologies to achieve its climate goals.
Citibank is the world’s second-largest funder of fossil fuels. Since the Paris Agreement was signed in 2015, Citi has loaned more than $238 billion to the fossil fuel industry. It is also the largest funder of coal in the United States.
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