Opinion | I'm a former Citi executive. The bank failed to react to the warning signs before the 2008 financial crisis, and its record on climate change shows it's making the same mistake again. By TimBuckleyIEEFA.
What good are pledges and promises of distant future action when there is a climate emergency today?Citi remains a key global climate laggard, rated by the Rainforest Action Network as thein the five years leading to 2020 . The bank has financed a staggering $237 billion in total, many multiples of the nearest Chinese mega-banks.
As a former Citi Managing Director, I want to see the bank succeed. But a pivotal change is overdue after two decades of ongoing market underperformance. Since my days at Citi, I've worked primarily in the energy technology space, tracking the role of global finance and evaluating stranded asset risks and climate investment opportunities. At IEEFA we have tracked
with formal coal exit policies. To date in 2021 we have seen 68 new or improved coal policies — a 33% increase on the run rate in 2020, which in turn was 60% more than reported in 2019.
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