FinanceMap scores this financial institution in the following areas. Please navigate to the relevant tab for in-depth analysis
FinanceMap assesses these portfolios for this financial institution. Please navigate to the relevant tab for in-depth analysis.
Citigroup’s (Citi) board has oversight of the organization’s approach to climate-related risks and opportunities, and the organization has integrated climate-related matters into the charter of certain board committees. Senior management across Citi are assigned clear climate-related responsibilities. Since its inaugural TCFD report in 2018, Citi’s climate change governance has evolved to include roles and committees such as a Chief Sustainability Officer, Head of Climate Risk, and Climate Risk Working Group. This continued in 2021 with Citi's newly formed Global ESG Council, and in 2022 with the establishment of a Head of Net Zero Operations.
Citi has defined some of the climate-related risks it considers relevant to its business operations, however, it does not appear to have clearly disclosed which risks and opportunities it considers over different time horizons. It describes its internal risk identification process which is used to determine which risks and opportunities could have a material financial impact on the organization.
It has provided various examples of how it has considered the impact of climate-related risks and opportunities on corporate strategy planning, such as its $1 trillion Sustainable Finance by 2030 Commitment, and its Net Zero Review Template for corporate clients.
The organization has undertaken comprehensive scenario analysis to test the resilience of its business strategy in previous years, including multiple scenarios for physical and transition risks, including transition analysis on the utilities sector and short and long term weather impacts on its facilities, commercial real estate, and agricultural sector. However, it did not disclose details on the results of its analysis in its 2022 TCFD Report. Additionally, it has not described how it plans to respond to the impacts identified in its analyses.
Citi has clear processes for identifying and prioritizing climate-related risks. In 2022 the organization updated its heatmap assessment for determining the relative significance of climate-related risks, developing an updated methodology for assigning vulnerability scores to each sector.
To manage climate-related risk, the organization uses a risk assessment tool to identify client vulnerability and assess plans for adaptation and mitigation. It also has certain sector policies to address risk.
Climate risk has integrated into Citi's overall risk management approach in various ways and has continued to improve integration over the years. In 2022, it re-aligned its Climate Risk team to fit within its Enterprise Risk Management structure, grew its Climate Risk team, and developed a Climate Risk Management Framework to promote consistency across the organization.
The organization is transparent about some key metrics used to measure and manage climate-related risks and opportunities, including proportion of assets exposed to physical and transition risks, sustainable finance metrics, and remuneration policies although it has not disclosed the amount weighted specifically by climate considerations.
Citi discloses Scope 1, Scope 2, and some comprehensive relevant Scope 3 emissions data. It has disclosed financed emissions for several sectors, including energy, power, auto manufacturing, commercial real estate, thermal coal mining, and steel.
In March 2021, Citi announced a target to achieve Net Zero by 2050. In April 2021, it became a founding member of the Net Zero Banking Alliance. Citi outlined its initial 2030 targets in its 2021 TCFD report for its energy portfolio and its power portfolio for its corporate lending activities. In 2023, it expanded its 2030 interim sector targets to four additional sectors, including auto manufacturing, commercial real estate, steel, and thermal coal mining.
Citigroup’s coal policy states that it will reduce credit exposure to companies deriving ≥25% of revenue from thermal coal mining by 50% by 2025, and to zero by 2030, and will no longer facilitate capital markets transactions or mergers and acquisitions after 2025. Additionally, the organization has a coal phase out set for coal-fired power generation but does not appear to have a phase out set for mining. After 2030, Citi will no longer provide financing for operations in OECD countries unless the share of power generation from coal-fired plants is less than 5% and the same expectations are applied for operations in non-OECD countries by 2040.
With regard to natural gas and oil, Citi has set exclusionary policies] for exploration and production in the Arctic Circle. It states it will conduct enhanced risk review for various activities but appears to otherwise actively financing new or expansionary projects.
Citi appears to have no clear position of the role of nuclear in the energy mix, but it appears to support nuclear given that clients meet essential safety standards. The organization has communicated support for a transition to renewable energy, and increased its sustainable finance target to $1 trillion to increase financing of renewables but it is unclear how it determines the eligibility of transactions towards its financing goal.
FinanceMap’s Climate Governance and Policies analysis assesses statements financial institutions (FIs) are making on how they are incorporating climate issues into their decision-making and operations using FinanceMap’s matrix methodology. This methodology is adapted from the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations and guidelines, Net-Zero Banking Alliance (NZBA) or equivalent Glasgow Financial Alliance for Net-Zero (GFANZ) initiative reporting, and IPCC and IEA technology statements. The TCFD provide guidance on 11 recommendations across four areas which are reflected in our matrix: Governance, Strategy, Risk Management, and Metrics and Targets. Additional benchmarks have been introduced to strengthen the ambition of scoring criteria in the assessment of targets, which are supplemented by guidance from the NZBA or equivalent GFANZ initiatives.
Additionally, Science-Based Policy (SBP) benchmarks are used to measure alignment of an FIs technology positions with the science of climate change. These benchmarks are applied to an FIs internal policies on technologies including coal, oil, gas, nuclear, and renewables and also assesses its engagement with broader climate and energy policy issues such as advocacy on the role and importance of different strategy types in the future energy mix.
For each TCFD recommendation and technology, FIs statements are applied to a five point scoring scale ranging from +2 to -2, measuring alignment with the relevant benchmarks. The detailed scores for this FI are displayed below within each matrix cell.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions climate governance, targets and policies. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
Fossil fuel companies are those whose primary sector falls within coal mining and services, or up-, mid-, and downstream oil and gas sectors. Green companies are defined as companies having over 75% revenue deriving from Substantial Contribution to Mitigation activities under the EU Taxonomy.
Portfolio Paris Alignment analysis of this institution's activities in this portfolio area assesses deals in 2020–2022.
Value Assessed: $697B
Sector Paris Alignment scores for the sectors to which this portfolio has exposure. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
Fossil fuel companies are those whose primary sector falls within coal mining and services, or up-, mid-, and downstream oil and gas sectors. Green companies are defined as companies having over 75% revenue deriving from Substantial Contribution to Mitigation activities under the EU Taxonomy.
Portfolio Paris Alignment analysis of this institution's activities in this portfolio area assesses deals in 2020–2022.
Value Assessed: $583B
Sector Paris Alignment scores for the sectors to which this portfolio has exposure. FinanceMap Paris Alignment analysis is limited to the automotive, upstream fossil fuel, and power sectors.
Citigroup (Citi) appears to have had some engagement on sustainable finance policies, but details of this engagement are generally described in broad terms. Citi has taken mostly positive top-line positions on sustainable finance but where Citi has engaged with specific policies, it has been more mixed.
Citi has recognized issues in the financial system, like short-termism, that obstruct global climate goals, and has appeared to support the need for systemic reform to deliver a sustainable financial system. Citi has supported emissions reduction in line with a 1.5C target.However, at the World Economic Forum’s 2020 meeting in Davos, then-CEO [726156 Michael Corbat stated that it was not the banking system’s role to enforce standards around climate change. Jane Fraser became CEO after Corbat’s retirement in February 2021 and has since made public statements of support for the Paris Agreement and for financial sector action on climate change. However, a letter Citi submitted to the Municipal Advisory Council of Texas in November 2021 appears to support continued investments in fossil fuels. Citi has stated broad support for sustainable finance regulation, including in its 2020 CDP report and a 2020 letter to an EU Commissioner. In TCFD and ESG reports from 2020 and 2021 Citi mentions engagement with regulators and policymakers as well as trade associations on several sustainable finance policies and frameworks, but details of this engagement and positions on policies are unclear.
Citi has expressed top-line support for regulated corporate ESG reporting, while taking a mixed position on specific policies. In its 2021 CDP report Citi stated support for improved standards for corporate climate disclosure and in a 2021 white paper Citi called for a globally consistent disclosure framework based on a double materiality approach. Citi also supported the need for disclosure regulations in its 2021 TCFD report and in a 2022 Global Perspectives paper. However, in its letter to the SEC in June 2022, Citi outlined its objections to the Commission's proposed climate disclosure rule and requested some requirements be removed or softened.
In 2021 and 2022 white papers and briefings, Citi stated support for a green taxonomy, calling taxonomies “vital to the green finance effort” and emphasizing their importance in combatting greenwashing. However, in a 2021 perspectives paper, Citi warned against creating a taxonomy that is overly restrictive, suggesting it would hinder green investment. In a 2021 report Citi stated support for the EU Green Bond Standard.
In its 2021 TCFD and ESG reports and in its 2022 Environmental and Social Policy Statement Citi mentions engaging with regulators on climate risk policy, but details of this engagement are unclear. Citi’s 2021 CDP report suggests some support for regulatory action on climate risk regulations for banks, but in a September 2022 House Financial Services Committee Hearing, CEO Jane Fraser appeared not to support policy to incorporate climate risk into stress testing. A March 2022 memo from the Office of the Comptroller of the Currency (OCC) shows that Citi, as constituents of the Bank Policy Institute, met with the OCC to outline “challenges” to its draft principles for climate-related financial risk management.
Citi has disclosed membership to some trade associations and listed some areas of engagement with associations on sustainable finance policies, but this disclosure is not comprehensive.
InfluenceMap’s methodology for assessing lobbying on sustainable finance policy closely follows InfluenceMap’s established methodology on climate policy engagement, which is used extensively by investors, including via the Climate Action 100+ investor engagement process. Our full methodology can be found here.
Under our assessment of sustainable finance lobbying, InfluenceMap considers engagement on all financial policies which intersect with climate and/or other sustainability issues. The analysis takes into account both the engagement of the financial institution and the activities of industry associations they hold membership of.
InfluenceMap’s methodology covers seven publicly available data sources, searching for evidence of engagement and corporate positioning since 2017. To determine the policy issues within the scope of the analysis, InfluenceMap breaks down sustainable finance policy engagement into a series of subcategories, or 'queries'. These are designed to cover high-level issues relating to the importance of sustainable finance, as well as more specific areas of sustainable finance policymaking. InfluenceMap’s research process searches for evidence of an organization's engagement with each sustainable finance policy issue, across each of the data sources.
The following table outlines the key queries and data sources, which FinanceMap uses to assess financial institutions’ sustainable finance policy engagement. Every evidence piece is assessed on a five-point scale of -2,-1,0,1,2 or NA (not applicable)/NS (not scored). All queries, data sources, and evidence pieces are weighted against one another in a matrix system to arrive at a final top-level score. Clicking on specific cells will load the underlying evidence and information on how it has been assessed.
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party.
In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is a member of the Business Roundtable Board of Directors
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is a member of Business Roundtable.
Jane Fraser (CEO, Citigroup)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is a member of the Business Roundtable Board of Directors
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is a member of Business Roundtable.
Jane Fraser (CEO, Citigroup)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the IIF.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
John Dugan, Chairman of Citigroup, is a board member at the IIF.
John Dugan (Chairman)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the IIF.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
John Dugan, Chairman of Citigroup, is a board member at the IIF.
John Dugan (Chairman)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of BPI. Citi is a member of BPI’s Climate Working Groups and has engaged on BPI’s position on various proposed climate disclosure rules, principles for climate-related financial risk management, climate-related financial risk and climate scenario analysis.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is on the board of BPI.
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of BPI. Citi is a member of BPI’s Climate Working Groups and has engaged on BPI’s position on various proposed climate disclosure rules, principles for climate-related financial risk management, climate-related financial risk and climate scenario analysis.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Jane Fraser is on the board of BPI.
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of October 2022, Jane Fraser is a member of the Financial Services Forum. In January 2023, Fraser was elected Vice Chair.
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of October 2022, Jane Fraser is a member of the Financial Services Forum. In January 2023, Fraser was elected Vice Chair.
Jane Fraser (CEO, Citigroup)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of AFME (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Fabio Lisanti is on the board of AFME (last checked September 2023).
Fabio Lisanti (Citi, Head of Markets for Western Europe)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Leonardo Arduini is a member of AFME board of directors. As of January 2023 Arduini's place appears to have been taken by Lisanti.
Leonardo Arduini (Head of EMEA Markets)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of AFME (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Fabio Lisanti is on the board of AFME (last checked September 2023).
Fabio Lisanti (Citi, Head of Markets for Western Europe)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Leonardo Arduini is a member of AFME board of directors. As of January 2023 Arduini's place appears to have been taken by Lisanti.
Leonardo Arduini (Head of EMEA Markets)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Tim Gately is on the MFA board
Tim Gately (Managing Director, Citigroup Inc.)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of August 2022, Citi was on the board of the MFA. As of January 2023, this no longer appears to be the case.
Tim Gately (Head of Americas Sales for Equities)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of the MFA.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a strategic partner of the MFA. Unclear if it still holds a board membership, as the MFA no longer discloses its board.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Cedric Pauwels is a Board Member of MFA
Mr. Cedric Pauwels (North American Head of Equities & Securities Services)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Tim Gately is on the MFA board
Tim Gately (Managing Director, Citigroup Inc.)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of August 2022, Citi was on the board of the MFA. As of January 2023, this no longer appears to be the case.
Tim Gately (Head of Americas Sales for Equities)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of the MFA.
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a strategic partner of the MFA. Unclear if it still holds a board membership, as the MFA no longer discloses its board.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Cedric Pauwels is a Board Member of MFA
Mr. Cedric Pauwels (North American Head of Equities & Securities Services)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Kieran Higgins is on the board of directors for ISDA. (Last checked November 2023)
Kieran Higgins (Co-head, Global Finance, Head of Linear Rates, EMEA, Senior Manager G10 Rates, LM Rates and Markets Treasury - Citigroup)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of ISDA.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Kieran Higgins is on the board of directors for ISDA. (Last checked November 2023)
Kieran Higgins (Co-head, Global Finance, Head of Linear Rates, EMEA, Senior Manager G10 Rates, LM Rates and Markets Treasury - Citigroup)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of ISDA.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup Global Markets is a member of SIFMA
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Kevin Bailey is on the board of SIFMA.
Kevin Bailey (Global Head of Regulatory Affairs, Citi)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup Global Markets is a member of SIFMA
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Kevin Bailey is on the board of SIFMA.
Kevin Bailey (Global Head of Regulatory Affairs, Citi)
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-Pakistan Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of the Chamber's US-Korea Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lee Waite is on the board of the Chamber's US-Japan Business Council.
Lee Waite (Representative Director, President and CEO, Citigroup Japan Holdings Corporation)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-Turkey Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-UK Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of May 2022, Citigroup is a member of the US Chamber.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-Pakistan Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citigroup is a member of the Chamber's US-Korea Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lee Waite is on the board of the Chamber's US-Japan Business Council.
Lee Waite (Representative Director, President and CEO, Citigroup Japan Holdings Corporation)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-Turkey Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citi is a member of the Chamber's US-UK Business Council.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of May 2022, Citigroup is a member of the US Chamber.
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citibank International, Citibank UK and Citigroup are members of UK Finance, which is a member of EBF. (last checked September 2023).
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Citibank International, Citibank UK and Citigroup are members of UK Finance, which is a member of EBF. (last checked September 2023).
not specified
--no extract--