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Citi CEO Says Banks Must Walk If Clients Won’t Reduce Emissions

  • Corbat still pledged to support the fossil-fuel industry
  • ‘We must be willing to have frank conversations,’ Corbat says
Michael Corbat
Michael CorbatPhotographer: Andrew Harrer/Bloomberg

Citigroup Inc. Chief Executive Officer Michael Corbat said banks should start walking away from clients who don’t acknowledge the need to reduce their carbon emissions -- even as he pledged support for the fossil-fuel industry.

Citigroup, one of the biggest lenders to energy companies, said the financial industry should be talking with clients about lowering emissions. He also urged competitors to identify and disclose ways their businesses potentially impact the environment.