Banks Begin To Release Their Net Zero Transition Plans
Citi is part of the Net Zero Banking Alliance , which is part of the broader GFANZ. The company says it has drawn from GFANZ’s guidance in developing its approach, but note that there may be some areas where it deviates if a particular recommendation does not make sense for Citi, given its businesses and unique geographic footprint.
Citi’s climate management governance structure reflects a period in which the low-carbon transition presents new challenges and unique opportunities that Citi insists “we are embracing across the firm.” Recognizing that its global clients “seek to both develop and take advantage of these opportunities,” Citi says it has reorganized key business teams to provide cross-sector expertise and financing.
“This is the first TCFD report in which we are incorporating several GFANZ recommendations on putting together a transition plan, a central aspect when it comes to enhancing understanding of how BBVA is tackling the transition through our investors, shareholders, supervisors, regulators, customers, civil society organizations and other interest groups,” the BBVA Chair, Carlos Torres Vila, stated in the letter introducing its fourth report.
New governance for BBVA includes creation of a Sustainability Alignment Steering Group; identification of leaders in each sector in charge of defining a Strategic Plan for the Sector and associated key indicators; and, integration of business and risk processes. In all cases, progress toward proposed objectives is not expected to be linear in the short-term, although BBVA says there have been reductions in all decarbonization indicators.
Since 2021, the sustainable finance mobilization target is part of the indicators used to calculate variable remuneration of all BBVA group employees. The report notes that 20% of the long-term incentive to be applied to the “risk takers” group . It also includes, among other things, meeting ESG goals, decarbonization , and gender diversity .
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