Citi Says 42% of Energy Clients Unprepared for Low-Carbon Future [Financial Post (Toronto, Ontario, Canada)]
Citigroup, Inc. (C)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Citigroup Inc. said 42% of its clients in the energy sector don't have a “substantive plan” for aligning their emissions with a net zero pathway or are “unlikely to transition” at all. The disclosure was made in the bank's latest climate report published Thursday and is based on initial results from its so-called net zero review template, which focuses on clients' preparedness for the low-carbon transition. Article content Article content While 42% of energy clients have a “low” transition-plan alignment based on an assessment of their direct and indirect emissions, a further 29% have a “medium-low” score, meaning they have a high-level climate plan but it's unclear whether they'll be able to execute it, Citigroup said in its report. With the movement to clean energy under way in most industries, banks are paying closer attention to their clie
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