Oct
05
Citigroup, Citing Climate Change, Will Reduce Coal Financing
By-
Pushing transition from `high-carbon to a low-carbon economy’
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Becomes third bank this year to reduce coal-mining financing
Citigroup Inc., the third-biggest U.S. bank, said it will cut back on financing for coal mining projects, in the latest blow to the industry that’s viewed as a key contributor to global warming.
Citigroup said its credit exposure to coal mining had “declined materially” since 2011 and that the trend would continue into the future. The policy applies to companies that use mountaintop removal methods as well as coal-focused subsidiaries of diversified mining companies, according to the New York-based company’s Environmental & Social Policy Framework guidelines posted online Monday…
Citigroup, Citing Climate Change, Will Reduce Coal Financing
