Citi’s Net ZeroCommitment
In March 2021, we announced our intent to achieve
net zero emissions by 2050, including net zero for
our own operations by 2030.
In line with that commitment, we have published our initial net
zero by 2050 plan in our 2021 TCFD Report, including 2030
emissions targets for our Energy and Power loan portfolios.
These targets were developed in line with Net-Zero Banking
Alliance (NZBA) Guidelines for Climate Target Setting.

Net Zero Framework
For our net zero by 2050 commitment, we have established thebelow framework:“Supporting a fair andinclusive transition to net
zero remains a top priority
for Citi. This is who weare, and we will continue
to learn and lead as theglobal community enters
this next critical stage ofclimate action.”
JaneFraser,CEO

1. Calculate Emissions: Calculate baseline financed emissions foreach carbon-intensive sector
2. Transition Pathway: Identify the appropriate climate scenariotransition pathway
3. Target Setting: Establish emissions reduction targets for 2030
and beyond
4. Implementation Strategy: Engage with and assess clients todetermine transition opportunities
5. External Engagement: Solicit feedback from clients, investors
and other stakeholders as this work continues to evolve and wecollectively define net zero for the banking sector

Net Zero 2030 Targets
2030 financed emissions targets for Citi’s Energy and Power loan portfolios:
Sector2020 Baseline1

Climate Scenario

2030 Target

Energy(Scope 1, 2, 3)

143.8 million mt CO2e

IEA NZE 2050

29% reduction from 2020
baseline
102.1 million mt CO2ePower(Scope 1)

313.5 kg CO2e/MWh

IEA SDS OECD

63% reduction in Scope 1
intensity per MWh
115 kg CO2e/MWhBaseline based on available data as of September 2021. Further updates to improve data quality of the baseline numbers may result inchanges to both the 2020 baseline numbers and the 2030 targets.
1

Net Zero Plan – Energy and Power
Citi’s initial net zero plan for our Energy and Power loan portfolios will include actions laid out in thefollowing timeline:

2021

2022

2023

...

Client Transition Assessment, Advisory and Financerr

Client engagement and assessment
Transition advisory and finance, including debt and equity underwritingand lending

Clean Tech Financer

Support existing and new clean technologies to accelerate commercialization

Public Policy Engagementr

Support enabling public policy and regulation in the United States and othercountries, including through trade associations and other industry groups

Risk Managementrr

Dimension climate risk exposure across our lending portfolios and review client
carbon reduction progress
Ongoing review and refinement of ESRM Policy

Portfolio Managementr

2030
ENERGY
Reduce Energy
portfolio
financedemissions by29%, or approx.
41.7 million mt
CO2e by 2030
(143.8 million
mt CO2e to 102.1
million mt CO2e)POWER
Reduce Powerportfolio
financedemissions
intensity by63%, from 313.5
kg CO2e/MWh to115 kg CO2e/MWh

Active portfolio management to align with net
zero targets, including considerations of transition
measures taken by clients

Client Engagement and Assessment
The first step of our net zero plan involves engagement, client by client, to understand their GHG emissions
disclosure and perspectives and plans on carbon transition. Additionally, we will review clients’ public
disclosures, their climate governance, and the commitments and actions they have taken to date. We
anticipate that this initial review phase will continue through the end of 2023.
The key considerations that will frame client engagement include public disclosure of GHG emissions andreduction targets, climate risk ratings, and transition plans.

Net Zero Transition Principles
As we transition our business to net zero, Citi will be guided by the Transition Principles below. We expect
these principles to evolve as we collectively learn with our clients, peers, investors and other stakeholders.
We recognize that in addition to private sector action, a net zero future will also require public policy andtechnology solutions, which we will actively support. While we acknowledge that fully transitioning theglobal economy will take decades, we understand the urgent need for near-term actions that will deliver
the rapid emissions reductions required.
We will uphold our mission of enabling growth and progress and will be proactive in helping to drive anorderly transition, while also contributing to broad sustainable development objectives.

Net Zero Leadership – Set net zero targets that are ambitious, transparent and aligned with climate
science, consistent with our leadership in sustainability over the past two decades. Help define net
zero for the banking sector, including through our membership in the Net-Zero Banking Alliance.
Focus on Transition – Partner with our clients through their transition, ensuring appropriatealignment with our net zero commitment and helping them navigate the challenges they face. Assist
clients and governments as they evaluate the carbon-intensive assets in their portfolios and consider
responsible asset retirements or divestments, giving consideration to the destination, transparency
and stewardship of these assets as we assess transactions and transition plans.
Social Responsibility – Strive to ensure that our net zero transition is consistent with othersustainable development objectives. We will also assess how our financing decisions could affectlower-income communities, developing countries and communities dependent on carbon-intensive
sectors, balancing the need for carbon reduction with the potential negative impacts on access toenergy and economic dislocation. We will be mindful that some of these same communities could also
be faced with some of the worst impacts of climate change.
Client Transparency – Partner with our clients, with the ultimate goal of helping them decarbonize.
If we decide to exit a client relationship, communicate the time frame and rationale in a transparent
manner, taking into account worker and community impacts.
Constructive Engagement – Work with the public sector, clients, civil society and our peers totransparently promote and support climate policies, regulations and the scaling of new technologies
that are required for an orderly transition.
Disclosure – Report annually on our progress and our transition as we learn.

Please see Citi’s 2021 TCFD Report for further information.