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Citi Rebuffed Clients 11 Times After Revamping Policies on Coal

  • Bank reviewed metals customers from Central, Western Africa
  • Moves show how far banks will have to go to fulfill ESG vows

Citigroup Inc. said it declined 11 transactions related to coal power or mining last year as it revamped its policies for financing such activities.

The firm walked away from the deals after it promised that it would stop providing financial services to thermal coal-mining companies by 2030. Citigroup has also vowed it will not provide acquisition financing or advisory services related to coal-fired power plants or bring on new clients who get 20% or more of their power from such plants after this year.