News

Citi to restrict financing for companies expanding coal power

Tuesday 16 March 2021 12:39 CET | News

Citigroup has updated its Environmental and Social Policy Framework to contain important new language further restricting its lending, underwriting, and advisory services to coal power companies.

The policy commits Citi to not take on any new clients with plans to expand coal-fired generation after the end of 2021 but fails to make an equally clear commitment to halt financing for existing clients with coal power expansion plans.

Commenting on the decision, Patrick McCully, Climate and Energy Program Director at Rainforest Action Network said that this announcement marks an important step forward for the US megabanks as it sends a clear signal to utilities and other corporations involved in the coal sector that their major sources of capital ‘are going to dry up unless they transition to clean energy’.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Citi, lending, investment
Categories: Banking & Fintech
Companies:
Countries: United States
This article is part of category

Banking & Fintech