"As the world's most global bank, we acknowledge that we are connected with many carbon-intensive sectors that have driven global economic development for decades," Smith wrote. In the post, Citi said it will work with existing fossil fuel banking clients to transition first to a public reporting of greenhouse gas emissions and then to a gradual phase out of financing offered to companies that don't comply in adhering to carbon reduction standards. But the bank did direct CNBC Make It to its initiatives addressing climate change, including " adopting a financing commitment that is aligned to the goals of the Paris Agreement" and facilitating $200 billion in clean, sustainable financing by 2025.Ĭiti directed CNBC Make It to a blog post published Tuesday from Val Smith, the bank's Chief Sustainability Officer. The three banks that did the most fossil fuel financing in 2020, according to the report, were JPMorgan Chase at $51.3 billion Citi at $48.4 billion and Bank of America with $42.1 billion.Ī representative of JPMorgan Chase told CNBC Make It that the bank could not comment on a third party report.
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