Citigroup Inc.
C 0.61%
Chief Government
Jane Fraser,
talking at The Wall Road Journal’s CEO Council Summit Tuesday, mentioned the financial institution should minimize off some purchasers to satisfy its local weather objectives.
Ms. Fraser mentioned the financial institution goes trade by trade to find out how one can fulfill a pledge she made on her first day as CEO in March to have its whole financing portfolio obtain net-zero carbon emissions by 2050. The financial institution has mentioned it will launch the plans and purpose posts within the subsequent yr.
Citigroup will first define its plans for a way to reply to purchasers within the vitality trade. The financial institution will think about the venture the consumer is launching, the commitments the consumer has made to greening itself and the way necessary the consumer is to Citigroup.
“On the finish of the day that can imply there are some selections as to which purchasers we might be serving and which of them we received’t be,” Ms. Fraser mentioned. “One-size-fits-all received’t work for that.”
She additionally mentioned that ramping up financing to firms that may assist the clean-energy transition is simply as necessary for the financial institution, reiterating pledges it has made to dedicate $1 trillion in financing towards the hassle.
Ms. Fraser mentioned success would require the remainder of the world to come back to settlement on disclosures.
“It will likely be quite a bit simpler when now we have disclosures which are apples to apples,” she mentioned. “Proper now it’s a little bit of a fruit basket for disclosure regimes.”
Write to David Benoit at david.benoit@wsj.com
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