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Carbon performance of Citigroup
The sectoral means are computed from the company data in TPI’s Carbon Performance Assessments.
All banks average
All banks max score
Area 1
Net zero commitment
ALL BANKS AVERAGE
17.8%
ALL BANKS MAX SCORE
50%
25%
1.1: Has the bank committed to achieving net zero financed and facilitated emissions by 2050 or sooner?
25%
a. Has the bank committed to achieving net zero financed/facilitated emissions by 2050 or sooner?
b. Has the bank disclosed what on- and off-balance sheet activities OR what proportion of total financed/facilitated emissions are covered by its net zero commitment? (conditional on 1.1.a)
c. Does the bank’s net zero emissions commitment cover all material on- and off-balance sheet activities OR explicitly commit to doing so once methodologies are developed? (conditional on 1.1.a)
d. If the bank has committed to covering all material on- and off-balance sheet activities in its net zero commitment, has the bank disclosed over what timeframe? (conditional on 1.1.a and 1.1.c)
Area 2
Sectoral GHG Reduction Targets
ALL BANKS AVERAGE
18.6%
ALL BANKS MAX SCORE
50%
25%
2.1: Has the bank set short-, medium- and long-term sectoral targets for reducing its material financed and facilitated emissions?
33%
a. Has the bank set a short-term sectoral target(s) for reducing its material financed/facilitated emissions (within three years)?
b. Has the bank set a medium-term sectoral target(s) for reducing its material financed/facilitated emissions between 2028 and 2035?
c. Has the bank set a long-term sectoral target(s) for reducing its material financed and facilitated emissions between 2036 and 2050?
2.2: Has the bank comprehensively disclosed its sectoral target-setting methodology?
17%
a. Has the bank disclosed its financed/facilitated sectoral emissions targets on both an absolute and intensity basis?
b. Has the bank disclosed the materiality test that informed the on- and off-balance sheet activities and high-emission sectors included in the scope of its sectoral targets?
c. Has the bank disclosed the proportion (%) of bank-wide revenues covered by its sectoral targets?
d. Has the bank disclosed the proportion (%) of financed and facilitated emissions covered by its sectoral targets?
e. Has the bank disclosed a commitment to cover all material on- and off-balance sheet activities and high-emission sectors once externally recognised methodologies (e.g., PCAF) are developed?
f. Has the bank disclosed the climate scenarios AND methods used to set each sectoral target?
Area 3
Exposure and emissions disclosure
ALL BANKS AVERAGE
28.9%
ALL BANKS MAX SCORE
77%
43%
3.1: Has the bank disclosed its exposure to high-emission sectors?
50%
a. Has the bank disclosed the amount ($m) AND share (%) of its credit exposure to all high-emission sectors?
b. Has the bank disclosed the amount ($m) AND share (%) of its revenue exposure to all high-emission sectors covering all material on- and off-balance sheet activities?
3.2: Has the bank disclosed absolute emissions from all material on- and off-balance sheet activities?
33%
a. Has the bank disclosed financed/facilitated absolute emissions?
b. Has the bank disclosed financed/facilitated absolute emissions for all high-emission sectors?
c. Has the bank disclosed financed/facilitated absolute emissions for all material on- and off-balance sheet activities?
3.3: Has the bank disclosed emissions intensities from all material on- and off-balance sheet activities?
33%
a. Has the bank disclosed financed/facilitated emissions intensities?
b. Has the bank disclosed financed/facilitated emissions intensities for all high-emission sectors?
c. Has the bank disclosed financed/facilitated emissions intensities for all material on- and off-balance sheet activities?
3.4: Has the bank disclosed the methodology used to quantify financed/facilitated emissions?
100%
a. Has the bank disclosed the methods, assumptions, and variables used to quantify financed/facilitated emissions?
b. Has the bank used and disclosed results from PCAF’s data quality scoring methodology to assess the quality of underlying client emissions data?
3.5: Has the bank disclosed its approach to client-purchased offsets?
0%
a. If the bank includes offsets in the accounting of its financed/facilitated emissions, has the bank disclosed the contribution of client-purchased offsets?
b. Has the bank excluded client-purchased offsets toward meeting its financed/facilitated emissions targets?
Historical data on banks’ portfolio carbon emissions are not yet available. As a result, we have not yet been able to assess banks in this area, but we will do so when the data become available.
4.1: Has the bank disclosed its annual progress against its emissions reduction targets?
N/A
Area 5
Decarbonisation strategy
ALL BANKS AVERAGE
4.8%
ALL BANKS MAX SCORE
27%
0%
5.1: Financing conditions and revenue alignment
5.1.1: Has the bank set financing conditions for high-emission sectors linked to low carbon pathway?
0%
a. Has the bank set financing conditions and/or covenants to incentivise the transition of high-emission sector companies?
b. Has the bank disclosed actions taken to ensure that financing conditions and/or covenants are enforced (e.g., developing watch list, suspending loan disbursement, risk-weighted pricing incentives)? (conditional on 5.1.1.a)
c. Do the bank's conditions and/or covenants apply to all high-emission sectors? (conditional on 5.1.1.a)
d. Has the bank established climate provisions in deal and transaction terms to ensure high-emitting asset transfers are compliant with a 1.5°C scenario (i.e., from M&A advisory)?
5.1.2: Has the bank set a target to increase its revenue derived from 1.5°C-aligned assets?
0%
a. Has the bank set a target to increase the share of financing/facilitation provisioned to high-emitting companies that are subject to decarbonisation measures?
b. Has the bank set a group-wide target to increase the share of revenue derived from 1.5°C-aligned companies (TPI Centre or Science-Based Targets initiative [SBTi])?
5.1.3: Have the bank's asset management and/or wealth management divisions disclosed its strategy to increase portfolio alignment?
0%
a. Has the bank’s asset management division disclosed a criteria-based escalation policy for voting and engagement with non-aligned assets?
b. Has the bank’s asset management division disclosed a portfolio coverage goal to increase the percentage of assets under management (AUM) invested in 1.5°C-aligned assets?
c. Has the bank’s asset management division disclosed the percentage of AUM invested in 1.5°C-aligned assets?
5.2: Capital allocation to misaligned activities
5.2.1: Has the bank set and disclosed explicit criteria for withdrawal of financing from misaligned fossil fuel activities?
0%
a. Has the bank committed to immediately cease all on- and off-balance sheet activities that finance new coal capacity (mining and power)?
b. Has the bank committed to phase out all on- and off-balance sheet activities that finance thermal coal (mining and power), on a timeline consistent with a 1.5°C-aligned pathway (i.e., by 2030 for EU and OECD countries and by 2040 for the rest of the world)?
c. Has the bank committed to end all project financing dedicated to the exploration and development of new oil and gas fields?
d. Has the bank committed to end all on- and off-balance sheet activities dedicated to the exploration and development of new oil and gas fields?
e. Does the bank’s oil and gas policy include an exclusion threshold for investees with oil and gas expansion plans?
5.2.2: Has the bank set and disclosed explicit criteria for withdrawal of financing from misaligned land conversion activities?
0%
a. Has the bank disclosed an overarching commitment to end all on- and off-balance sheet activities that finance deforestation no later than 2025?
b. Has the bank disclosed a commodity-specific deforestation policy for all high forest-risk commodities OR explicitly state its overarching commitment covers specific commodity supply chains?
c. Has the bank committed to end all on- and off-balance sheet activities that finance land conversion of other natural ecosystems including natural savannahs, grasslands, peatlands and wetlands no later than 2025?
5.3: Climate scenario analysis
5.3.1: Has the bank undertaken climate-related scenario analysis?
0%
a. Has the bank conducted a climate-related scenario analysis for transition risks and disclosed its quantified results, including for a 1.5°C scenario?
b. Has the bank conducted a climate-related scenario analysis for physical risks and disclosed its quantified results, including for a higher temperature scenario?
c. Do the bank's quantitative scenario analyses explicitly cover all its material on- and off-balance sheet activities? (conditional on 5.3.1.a or 5.3.1.b)
d. Do the bank's quantitative scenario analyses explicitly cover all of the high-emission sectors in which it has activities? (conditional on 5.3.1.a or 5.3.1.b)
e. Has the bank disclosed how the quantitative scenario analysis results inform decision-making? (conditional on meeting 5.3.1.a,b, c and d)
Area 6
Climate solutions
ALL BANKS AVERAGE
20.9%
ALL BANKS MAX SCORE
67%
33%
6.1: Has the bank set and disclosed a strategy to scale up finance directed toward climate solutions?
33%
a. Has the bank committed to scale up finance directed toward climate solutions, with specific targets and milestones?
b. Has the bank disclosed its share of climate solutions finance over total finance in the latest reporting year AND reported on progress towards the target? (conditional on 6.1.a)
c. Has the bank disclosed its definition of climate solutions AND used an established, external standard developed by a national, regional, or global governing body (e.g., EU Taxonomy)? (conditional on 6.1.a)
Area 7
Climate policy engagement
ALL BANKS AVERAGE
0%
ALL BANKS MAX SCORE
0%
0%
7.1: Has the bank disclosed a 1.5°C-aligned climate lobbying position, with governance and review measures to enforce this position?
0%
a. Has the bank disclosed a public commitment or position statement to conduct all of its lobbying in accordance with the goal of restricting global temperature rise to 1.5⁰C above pre-industrial levels?
b. Has the bank published an annual review of its climate policy positions, evaluated whether these are consistent with the 1.5⁰C goal, AND disclosed how it has advocated for them through its own climate policy engagement activities?
7.2: Has the bank disclosed a 1.5°C-aligned climate lobbying position related to its trade association memberships, with governance and review measures to enforce this position?
0%
a. Has the bank disclosed a public commitment or position statement to advocate for 1.5⁰C-aligned lobbying within the trade associations of which it is a member?
b. Has the bank published a review of its trade associations' climate policies, their alignment with the 1.5°C goal, and the actions taken by the bank in response?
c. For each trade association, has the bank disclosed whether it sits on the Executive Board or plays an active role in committees or other activities related to climate change?
Area 8
Climate governance
ALL BANKS AVERAGE
31.7%
ALL BANKS MAX SCORE
78%
61%
8.1: Has the bank evaluated whether climate-related risks are material risks across its business and discussed the impacts?
100%
a. Has the bank included climate-related risks, including both transition and physical risks, as a key risk category in its annual report OR explained the decision to exclude climate risk as a material risk category?
b. Has the bank disclosed in its annual report the implications of climate-related risks and actions taken? (conditional on 8.1.a)
8.2: Has the bank nominated a Board member or Board Committee with explicit responsibility for oversight of climate change?
33%
a. Has the bank disclosed evidence of a Board committee or a Board member with responsibility for oversight of climate change?
b. Has the bank assessed these individuals’ competencies with respect to managing climate risks and disclosed the results of those assessments? (conditional on 8.2.a)
c. Has the bank disclosed details on the criteria used to assess the board competencies with respect to managing climate risks? (conditional on 8.2.b)
8.3: Has the bank incorporated climate change performance elements in its executive remuneration scheme?
50%
a. Has the bank established a remuneration scheme at the C-suite level that specifically incorporates climate change performance? (References to ‘ESG’ or ‘sustainability performance’ are insufficient)
b. Has the bank established a remuneration scheme at the C-suite level that incorporates progress towards achieving the bank’s financed/facilitated emissions reduction targets? (conditional on 8.3.a)
Area 9
Just Transition
ALL BANKS AVERAGE
5.3%
ALL BANKS MAX SCORE
50%
0%
9.1: Has the bank integrated Just Transition principles in its climate strategy?
0%
a. Has the bank committed to decarbonise in line with defined Just Transition principles, recognising the social impacts of its decarbonisation efforts?
b. Has the bank disclosed actions taken to ensure relevant Just Transition considerations are incorporated in its climate strategy (e.g. Just Transition-related requirements in lending covenants and conditions, pre-investment screening, sector policies)?
Area 10
Annual reporting
ALL BANKS AVERAGE
18.7%
ALL BANKS MAX SCORE
75%
33%
10.1: Has the bank disclosed according to the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) or the IFRS S2 standard?
100%
a. Has the bank disclosed in line with all four pillars of the TCFD recommendations or adopted the IFRS S2 Climate-related Disclosures standards in full and signposted these disclosures in its Annual Report?
10.2: Has the bank incorporated material climate-related matters in its audited financial statements and notes on this?
0%
a. Has the bank disclosed where material climate-related matters are incorporated in its financial statements, and explained how?
b. Has the bank disclosed the quantitative climate-related assumptions and estimates (e.g., estimates of future cash flows used in impairment testing) in its financial statements?
c. Has the bank used, or disclosed a sensitivity to, assumptions and estimates that are aligned with achieving net-zero financed/facilitated emissions by 2050 (or sooner) in its financial statements? (conditional on 10.2.b)
d. Are the bank’s financial statements consistent with the bank’s other reporting (e.g. annual report, TCFD index, sustainability report)? (conditional on 10.2.a and 10.2.b)
10.3: Has the bank's audit report demonstrated that the auditor considered the effects of material climate-related matters in its audit?
0%
a. Has the report identified how the auditor has assessed the material impacts of climate-related matters?
b. Has the audit report analysed the bank's assumptions and estimates used to quantify the financial consequences of climate-related matters?
c. Has the auditor confirmed that the financial statements and the bank’s other reporting (e.g., Annual Report, Pillar 3 disclosures, TCFD index, sustainability report, etc.) are consistent?
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