Citigroup announced Monday that it will seek to achieve net-zero greenhouse gas emissions from its own operations and the activities of its clients by 2050.
The massive banking and investment company committed Monday to offset enough greenhouse gas emissions to cover Citigroup’s individual footprint by 2030 and its lending portfolio by 2050.
“Net zero means rethinking our business and helping our clients rethink theirs. For banks, what some don't realize is that net zero includes not just our own operations but also our core business impacts – in other words, our financing,” said Citigroup CEO Jane Fraser in a blog post Monday, her first day as the company’s chief executive.
“As the world's most global bank, we are interconnected with many carbon-intensive sectors that continue to help drive global economic development. We are committed to bringing as many clients as we can along with us on this journey and working with them relentlessly to get it right,” Fraser wrote.
Citigroup is the latest multinational corporation to commit to net-zero emissions amid a push within corporate America to take bolder action against climate change. Morgan Stanley, Bank of America and JPMorgan Chase had previously announced plans to reach net-zero emissions, and Citigroup is one of many large banks to have already halted financing for Arctic fuel drilling projects.
Fraser said Citigroup will release a detailed plan on how the company will reach its goals, including 2030 emissions targets for “carbon-intensive” sectors within its portfolio.
Citigroup’s announcement also comes as U.S. regulators begin crafting the ways they’ll supervise the financial sector for climate-related risks.