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Citigroup Says Dropping Clients Is ‘Last Resort’ in Climate Push

  • Fraser sets targets to cut carbon emissions financed by bank
  • Commitments put Citi on path to reach net-zero goal by 2050
RF climate pollution carbon emissions HP
Photographer: Максим Шмаков/iStockphoto/Getty Images

Citigroup Inc. set new targets to reduce the carbon emissions it helps to finance, and said it would only drop clients if all else failed in the bank’s push to curb its impact on climate change.

“Our intention is to work with all our clients, including our fossil-fuel clients, to develop credible plans and transition to net zero together,” Chief Executive Officer Jane Fraser said. “We will continue to assess our client relationships -- a regular part of how we manage our business -- and prioritize partnering on transition strategies before turning to client exits as a last resort.”