Citigroup to Reduce Coal Financing

Posted October 6, 2015 at 8:57am

Bloomberg reports that “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.”  

“’This new policy reflects our declining exposure and our continued commitment to managing environmental and social risks and opportunities,’ Elizabeth Patella, a Citigroup spokeswoman, said in an e-mailed statement.”