Citi, JPMorgan, RBC to give new climate metric in deals with New York City
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Citigroup, JPMorgan, and Royal Bank of Canada (RBC) have agreed to disclose a new climate metric under agreements with New York City Comptroller Brad Lander. The banks will disclose their ratio of financing for low-carbon energy projects compared with their financing for fossil fuel projects. In return, retirement funds overseen by Lander have withdrawn shareholder resolutions calling for the disclosures. The new transparency will help investors measure the banks' commitment to climate goals. The forthcoming reports should cover equity and debt underwriting, syndicated lending, and project finance. JPMorgan and RBC have expressed their commitment to developing a decision-useful approach to disclosing a clean energy financing ratio. Citi's Chief Sustainability Officer, Val Smith, stated that the new metric will add to the bank's existing suite of climate reporting metrics.

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https://www.investing.com/news/stock-market-news/citi-jpmorgan-rbc-to-give-new-climate-metric-in-deals-with-new-york-city-3364798