Navigating Scope 3 emissions and client impact
Tim Adamson begins the discussion by outlining Citi’s approach to emissions reductions, particularly scope 3 emissions reductions, primarily as they relate to customer financing.
“For Citi, around 97% of our emissions are Scope 3,” Tim explained, noting that the bank’s net-zero success will depend on the performance of its customers.
Citi’s strategy includes setting emissions reduction targets in line with the Paris Agreement and encouraging clients to meet their own goals.
However, Tim acknowledged there will be differences in decarbonisation across sectors, with some industries such as transport showing faster progress than others such as heavy industry.
He emphasizes that Citi’s role is to support customers in their transition while balancing economic demands. “Our customers’ success is our success,” he said, adding that banks need to consider the nuances of each industry’s transition process.
Rahul Sareen from AWS echoed this, noting that AWS is focused on helping clients manage their emissions data and improve sustainability reporting. Many clients struggle to collect and standardize the data essential to informed sustainability decisions.
AWS AI and data solutions are designed to streamline data management and reporting processes, allowing organizations such as global automotive and mining companies to automate workflows, reduce data processing time, and ensure compliance. We will assist you in this way.
