Citi Says 42% of Energy Clients Not Clear on Net Zero Plans (1)

Citigroup Inc. said more than a third of its clients in the energy sector don’t have a clear plan on how they’ll reach net zero.

The disclosure was made in the company’s latest climate report published Thursday and is based on initial results from its so-called net zero review template, which is designed to help the bank assess the emissions of its carbon-intensive clients and their plans for reducing them.

Citigroup said 42% of energy clients assessed have a “low” transition-plan alignment based on a review of their direct and indirect emissions, indicating the lack of a “substantive” plan for ...