New Citi boss unveils net-zero financed emissions vision
Finance giant Citigroup s new chief executive, Jane Fraser, has unveiled a new commitment to reach net-zero financed emissions by 2050. Our ESG agenda can t just be a separate layer that sits above what we do day-to-day, Fraser said in a statement.
On her first day in post on Monday (1 March), Fraser confirmed that the business will publish its first roadmap to reaching net-zero within a year. The plan will cover emissions from all scopes, with a focus on Scope 3 (indirect) emissions from the projects and businesses which Citi finances.
As well as overarching targets for reducing emissions, the plan will contain interim sector-specific targets for high-carbon sectors. Energy and power sector players, for example, will get specific targets for 2030. Citigroup will assess which other sectors will benefit from such targets.
The Role of Accounting and Auditing in Addressing Climate Change
By Samantha Ross Getty/Mario Tama
Floodwaters cover a roadway near structures damaged by Hurricane Laura on October 10, 2020, in Cameron, Louisiana.
With President Joe Biden’s recommitment to the Paris climate accord, all eyes are on the policy changes and investments necessary to chart a course to net-zero global greenhouse gas emissions by 2050 and accounting and independent auditing can help keep the United States on track.
Julia Cusick
Introduction and summary
U.S. federal securities laws are founded on the idea that transparency promotes well-functioning capital markets. This is particularly true when it comes to the urgent goal of reducing global greenhouse gas emissions to prevent the devastating impacts of climate change. For companies, those impacts include both physical risks, including the risk that facilities will be destroyed by fire or flood, and risks related to the global transition to a low-
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Royal Bank Of Canada Commits To Net-zero Emissions By 2050 In Its Lending
WASHINGTON (dpa-AFX) - Royal Bank of Canada (RY, RY.TO) announced Thursday progress on its climate strategy with an increased commitment to mobilize $500 billion in sustainable finance by 2025. RBC s initial commitment of $100 billion in sustainable financing was achieved in 2020.
RBC also commits to net-zero emissions in its lending by 2050 and signs on as a member of Partnership for Carbon Accounting Financials (PCAF) and the RMI s Center for Climate-Aligned Finance.
As part of delivering on its enterprise climate strategy, last year RBC convened an executive-led Climate Working Group, focused on the development of climate-related products & services, risk management frameworks, research & partnerships as well as thought-leadership.
The SEC’s Time To Act
A New Strategy for Advancing U.S. Corporate and Financial Sector Climate Disclosures
February 19, 2021, 5:00 am Getty/CQ-Roll Call Inc./Bill Clark
A flag flies outside of the U.S. Securities and Exchange Commission building in Washington, D.C., July 2020.
Julia Cusick
Introduction and summary
Climate change poses major risks to U.S. companies, the domestic economy, and the planet. Those risks include the loss of jobs. The 2008 financial crisis resulted in the loss of more than 8 million jobs,
1 and the cumulative job losses from future climate-driven financial impacts could be even larger.
2 With many climate risks such as hurricanes and wildfires already materializing, investors, regulators, and the public need better information to evaluate the risks to companies and the financial system and take appropriate action in response.