Citigroup has set a rare target for the banking industry—one of “absolute emission reductions” in its energy funding portfolio in its new approach to financing fossil fuels. Citigroup, which has pledged net-zero emissions by 2050, said in its Taskforce on Climate-Related Financial Disclosures Report 2021 on Wednesday that it aims to achieve a 29-percent absolute reduction in financed emissions in the energy sector by 2030, and a 63-percent reduction in portfolio emissions intensity for the power sector.
These targets put Citi…Citi Wants Its Oil & Gas Borrowers To Drastically Cut Emissions
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