Citi’s Climate Resilience Plan: Energy, Operations, and Risk Management
What a difference a year can make.
In February 2014, after the Federal Reserve rejected Citigroup’s capital plan as part of the regulator’s post-2008 financial crisis “stress test,” the nation’s third-largest bank announced an ambitious three-point strategy to deal with a likely increase and intensity of climate-related events worldwide. After all, the bank, like other firms headquartered on Wall Street, had suffered dearly during Superstorm Sandy some 18 months earlier. Plus, with operations in over 160 countries, Citi must think globally.
In its 2013 Global Citizenship Report, released in early 2014, the bank wrote that 3 years ahead of schedule, ...
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