Willem Buiter

Benjamin Nabarro

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Climate change is a concern for financial regulators: Greenhouse gas emissions, global warming and climate change are not only existential issues for those concerned with the future of humanity, they are also immediate concerns for financial regulators. Climate change poses a ubiquitous risk to financial bottom lines, even for corporations that do not have any direct exposure to ESG issues. The good news is that some key financial regulators and supervisors across the world are aware of these risks and are acting upon it. One leading central banker has recently argued that central banks should take into account climate risks not only to ensure financial stability in their roles as regulators and supervisors, but also when conducting monetary policy in the pursuit of price stability or of a dual mandate like price stability and full employment. Financial risks associated with climate change can be divided into two broad categories: (1) financial risks associated with effective policies and other public and private efforts to contain climate change (transition risk or mitigation risk associated with a transition to a low(er) carbon future); and (3) financial risk associated with a failure to address climate change effectively (physical risk associated with adaptation to a high(er) carbon future). Mitigation risk – stranded assets - is the price of success in the fight against global warming. Physical risk is the price of failure. Both risks have the potential to be huge. However, there remains significant uncertainty regarding: (1) the precise manner in which these risks may materialize; (2) the likely transition or adaptation outcomes; and (3) the valuation of the possible losses (and, for some assets, gains) that could be involved. We don’t’ consider it likely that climate risks will be treated by corporates as a separate risk class. Instead it is likely to be treated as a threat amplifier to existing risks. Climate science can help us get a better understanding of the evolving distributions of climate risks and their expression in weather-related disasters. Authors: Willem Buiter,Benjamin Nabarro,

&nbsp;
<ul>
<ul>
<li>Climate change is a concern for financial regulators: Greenhouse gas emissions, global warming and climate change are not only existential issues for those concerned with the future of humanity, they are also immediate concerns for financial regulators. Climate change poses a ubiquitous risk to financial bottom lines, even for corporations that do not have any direct exposure to ESG issues.</li>
</ul>
</ul>
&nbsp;
<ul>
<ul>
<li>The good news is that some key financial regulators and supervisors across the world are aware of these risks and are acting upon it. One leading central banker has recently argued that central banks should take into account climate risks not only to ensure financial stability in their roles as regulators and supervisors, but also when conducting monetary policy in the pursuit of price stability or of a dual mandate like price stability and full employment.</li>
</ul>
</ul>
&nbsp;
<ul>
<ul>
<li>Financial risks associated with climate change can be divided into two broad categories: (1) financial risks associated with effective policies and other public and private efforts to contain climate change (transition risk or mitigation risk associated with a transition to a low(er) carbon future); and (3) financial risk associated with a failure to address climate change effectively (physical risk associated with adaptation to a high(er) carbon future). Mitigation risk &ndash; stranded assets - is the price of success in the fight against global warming. Physical risk is the price of failure.</li>
</ul>
</ul>
&nbsp;
<ul>
<ul>
<li>Both risks have the potential to be huge. However, there remains significant uncertainty regarding: (1) the precise manner in which these risks may materialize; (2) the likely transition or adaptation outcomes; and (3) the valuation of the possible losses (and, for some assets, gains) that could be involved.</li>
</ul>
</ul>
&nbsp;
<ul>
<ul>
<li>We don&rsquo;t&rsquo; consider it likely that climate risks will be treated by corporates as a separate risk class. Instead it is likely to be treated as a threat amplifier to existing risks. Climate science can help us get a better understanding of the evolving distributions of climate risks and their expression in weather-related disasters.</li>
</ul>
</ul>
 Authors: Willem Buiter,Benjamin Nabarro,

Some Regulators Are Ahead of the Game

Managing the Financial Risks of Climate Change

Executive Summary

Jason Channell

Alastair R Syme

Elizabeth Curmi

Raghav Gupta-Chaudhary

Gabriel M Adler

Zoe Whitton

Ying Qin

Kate O’Sullivan

Ryan O’Sullivan

Ephrem Ravi

If scientists are right, and we’re moving down a path in which rising average temperatures could lead to huge changes in our ecosystem, it would make sense to at least have a plan to mitigate the danger. And unfortunately this isn’t tomorrow’s problem — at current rates of carbon emissions we could hit the ‘carbon budget’ in 10 to 15 years. At that point, we would have to stop producing carbon emissions or risk major issues such as drought and rising sea levels. But where do we start? Well first, let’s look at what we’re doing now and how that’s affecting climate change. Then we should look at what the future would look like if we keep doing the same old same old. Now, let’s see what happens if we tweak a few things. What can we change today that will have a positive effect in the future, i.e. what’s the sensitivity of our actions today on future climate change? To do this we introduce Citi’s Global Integrated Energy & Emissions Framework, which assesses current energy usage and carbon (CO2) emissions around the world by fuel, by industry, and by country. The framework poses a bunch of ‘what if’ scenarios, such as what happens to CO2 emissions if we increase renewables penetration to 70% in the U.S., or if China switches to all electric vehicles by 2050? The results are sometimes surprising as at times changes we thought would have had the most meaningful effect are more than offset by knock-on effects elsewhere. A few solid observations emerge across the scenarios: (1) Transportation remains a key challenge and despite aggressive assumptions in some scenarios regarding electric vehicle (EV) penetration, the legacy effect of old vehicle fleets remains high. Solutions include incentivizing EV uptake and speeding the removal of legacy fleets; (2) Freight and aviation emissions grow or remain high long into the future. Here new technologies like hydrogen trucking and new fuel mixes need to emerge; (3) Industry’s use of fossil fuels for both heat and motion remains high. Increasing industrial energy efficiency as well as mass electrification of industry are key to reducing emissions; and (4) Fossil fuel use is significant in buildings for both heat and cooking, and energy-efficient measures need to be introduced. With massive electrification a key solution for many emission issues, moving power generation away from fossil fuels and towards clean power is crucial. Technologies already exist to make this happen but the rise of energy storage will be the tipping point for adoption and the potential offered by new business models. Here’s to hoping the future will be more about what we can do in the weather rather than what the weather will do.Authors: Jason Channell,Elizabeth Curmi,Ying Qin,Alastair R Syme,Kate O’Sullivan,Ryan O’Sullivan,Gabriel M Adler,Raghav Gupta-Chaudhary,Zoe Whitton,Ephrem Ravi,

If scientists are right, and we&rsquo;re moving down a path in which rising average temperatures could lead to huge changes in our ecosystem, it would make sense to at least have a plan to mitigate the danger. And unfortunately this isn&rsquo;t tomorrow&rsquo;s problem &mdash; at current rates of carbon emissions we could hit the &lsquo;carbon budget&rsquo; in 10 to 15 years. At that point, we would have to stop producing carbon emissions or risk major issues such as drought and rising sea levels. But where do we start? Well first, let&rsquo;s look at what we&rsquo;re doing now and how that&rsquo;s affecting climate change. Then we should look at what the future would look like if we keep doing the same old same old. Now, let&rsquo;s see what happens if we tweak a few things. What can we change today that will have a positive effect in the future, i.e. what&rsquo;s the sensitivity of our actions today on future climate change? To do this we introduce Citi&rsquo;s Global Integrated Energy &amp; Emissions Framework, which assesses current energy usage and carbon (CO2) emissions around the world by fuel, by industry, and by country. The framework poses a bunch of &lsquo;what if&rsquo; scenarios, such as what happens to CO2 emissions if we increase renewables penetration to 70% in the U.S., or if China switches to all electric vehicles by 2050? The results are sometimes surprising as at times changes we thought would have had the most meaningful effect are more than offset by knock-on effects elsewhere. A few solid observations emerge across the scenarios: (1) Transportation remains a key challenge and despite aggressive assumptions in some scenarios regarding electric vehicle (EV) penetration, the legacy effect of old vehicle fleets remains high. Solutions include incentivizing EV uptake and speeding the removal of legacy fleets; (2) Freight and aviation emissions grow or remain high long into the future. Here new technologies like hydrogen trucking and new fuel mixes need to emerge; (3) Industry&rsquo;s use of fossil fuels for both heat and motion remains high. Increasing industrial energy efficiency as well as mass electrification of industry are key to reducing emissions; and (4) Fossil fuel use is significant in buildings for both heat and cooking, and energy-efficient measures need to be introduced. With massive electrification a key solution for many emission issues, moving power generation away from fossil fuels and towards clean power is crucial. Technologies already exist to make this happen but the rise of energy storage will be the tipping point for adoption and the potential offered by new business models. Here&rsquo;s to hoping the future will be more about what we can do in the weather rather than what the weather will do.Authors: Jason Channell,Elizabeth Curmi,Ying Qin,Alastair R Syme,Kate O&rsquo;Sullivan,Ryan O&rsquo;Sullivan,Gabriel M Adler,Raghav Gupta-Chaudhary,Zoe Whitton,Ephrem Ravi,

The Electrifying Path to Net Zero Carbon

Growing up next to a small lake provided year-round entertainment — swimming and a rope swing in the summer when the sun was out and ice skating and hockey when the lake froze over in the winter. The only time we thought about the weather was when it rained and we couldn’t go to the beach or when it warmed up and we were threatened with falling through the ice. But things are different now. Concerns about the weather aren’t just about our activity schedules; they are now mixed with a growing awareness around climate change and the effects of global warming. While we snuck away from school to get some extra time at the lake, kids are now using their stolen time to demonstrate for climate change awareness in hopes they can stop the planet being damaged by rising temperatures.

Energy Darwinism III

Anthony Pettinari

P.J. Juvekar

Paul L Bradley

Bryan Burgmeier

Horace Chan

Scott Goldstein

Randy Toth

Thomas P Wrigglesworth

Oscar Yee

Roughly half of global consumer packaging is made of plastic and over a third of resin that is produced by Chemical companies goes into packaging end markets. Plastics have become a staple of daily life in the modern world, steadily gaining share from other packaging materials over the last 50 years based on their low cost, durability, convenience, and malleability. However, environmental concerns around landfill contamination have grown steadily alongside increased plastics use, with a great deal of recent attention on ocean contamination and the growth of microplastics. While debates around the sustainability and recyclability of plastics have been long-running in Europe and the Americas, the Chinese government took a revolutionary approach earlier this year, deciding it would no longer import ~50% of the world’s scrap plastic and paper. As China has been the dominant importer of plastic scrap with an annual plastics consumption of 8 million tonnes, this has led to a collapse in the price of various recovered plastics materials, and a glut of oversupply piling up in Western ports. Echoing China’s actions, national and local governments have launched their own plastics bans. The U.K. has taken the lead position on preventing plastics waste with proposed bans on plastic cutlery, straws, and cotton buds/swabs. The EU has followed with their own ban, indicating once fully implemented in 2030 the changes could cost businesses over $3.5 billion per year. Some of the most aggressive bans have been in emerging market countries; given these countries’ per capita plastic use is very low, the bans have the potential to sharply impact future consumption growth of plastics. In response to increased environmental scrutiny, the plastics industry is not standing by idly. Chemical companies are adapting their portfolios and practices towards more environmentally-conscious strategies, focusing on light-weighing their products, investing in plastic recycling companies, improving recycling systems, and creating bio-based polymers. Almost 1 million tonnes of biodegradable plastics capacity has been built, and with appropriate legislation, the economic incentives could be established to build-out these higher-cost product capacities, addressing the environmental concerns. As plastics face increased regulatory and consumer scrutiny, substrates including metal, glass, and paper may potentially be positioned to gain back some market share. We see a few potential ‘battleground’ packaging products, including soft drink bottles, coffee cups, protective packaging for e-Commerce, and retail bags. However, consumer choices are not always clear cut, as other substrates may offer more favorable recyclability and waste performance at the expense of plastics’ cost and performance advantages. Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,

Roughly half of global consumer packaging is made of plastic and over a third of resin that is produced by Chemical companies goes into packaging end markets. Plastics have become a staple of daily life in the modern world, steadily gaining share from other packaging materials over the last 50 years based on their low cost, durability, convenience, and malleability. However, environmental concerns around landfill contamination have grown steadily alongside increased plastics use, with a great deal of recent attention on ocean contamination and the growth of microplastics. While debates around the sustainability and recyclability of plastics have been long-running in Europe and the Americas, the Chinese government took a revolutionary approach earlier this year, deciding it would no longer import ~50% of the world&rsquo;s scrap plastic and paper. As China has been the dominant importer of plastic scrap with an annual plastics consumption of 8 million tonnes, this has led to a collapse in the price of various recovered plastics materials, and a glut of oversupply piling up in Western ports. Echoing China&rsquo;s actions, national and local governments have launched their own plastics bans. The U.K. has taken the lead position on preventing plastics waste with proposed bans on plastic cutlery, straws, and cotton buds/swabs. The EU has followed with their own ban, indicating once fully implemented in 2030 the changes could cost businesses over $3.5 billion per year. Some of the most aggressive bans have been in emerging market countries; given these countries&rsquo; per capita plastic use is very low, the bans have the potential to sharply impact future consumption growth of plastics. In response to increased environmental scrutiny, the plastics industry is not standing by idly. Chemical companies are adapting their portfolios and practices towards more environmentally-conscious strategies, focusing on light-weighing their products, investing in plastic recycling companies, improving recycling systems, and creating bio-based polymers. Almost 1 million tonnes of biodegradable plastics capacity has been built, and with appropriate legislation, the economic incentives could be established to build-out these higher-cost product capacities, addressing the environmental concerns. As plastics face increased regulatory and consumer scrutiny, substrates including metal, glass, and paper may potentially be positioned to gain back some market share. We see a few potential &lsquo;battleground&rsquo; packaging products, including soft drink bottles, coffee cups, protective packaging for e-Commerce, and retail bags. However, consumer choices are not always clear cut, as other substrates may offer more favorable recyclability and waste performance at the expense of plastics&rsquo; cost and performance advantages. Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,Authors: Anthony Pettinari,Paul L Bradley,Bryan Burgmeier,Horace Chan,Scott Goldstein,P.J. Juvekar,Randy Toth,Thomas P Wrigglesworth,Oscar Yee,

Responding to a Sea Change in Consumer Behavior

“There’s no such thing as ‘away’. When we throw anything away it must go somewhere” — Annie Leonard, Executive Director of Greenpeace USA

Rethinking Single-Use Plastics

Ebrahim Rahbari

Edward L Morse

Seth M Kleinman

Anthony Yuen

Richard Morse

Michael Taylor

Marshal Salant

Mary E Kane

Roxana Popovici

Georges Romano

Barbara Buchner

Adriana Knatchbull-Hugessen

Bruce Schlein

Eugene Belostotsky

Mike Curry

Valentino Gallo

Donovan Escalante

After looking at the macroeconomic effect, we decided to switch gears and investigate the microeconomics of a changing energy environment. In this new report, we take a look at the competitive dynamics between fossil fuels and renewables and question whether renewables will remain competitive in a lower-for-longer fossil fuel environment, and subsequently, can renewables still be competitive in a zero subsidy environment. Financial innovation will be key to making this a reality. Technological breakthroughs in oil and gas production (shale technology) as well as renewable technology have led to precipitous cost declines in both energy mediums. With incremental efficiency gains and cost declines tailing off as renewables technologies mature and given financial costs are a large part of the overall costs for renewable power plants, the authors believe financial innovation could provide the next leg of cost declines for renewables to maintain their competitive position with fossil fuels. Given that cost of capital differs greatly between regions, financing costs of capital intensive renewables projects can indeed constitute the close to half of overall costs. To investigate how innovations in renewable energy finance and policy support for green finance could alter competitive dynamics of renewables vs. fossil fuels, the report considers total costs of new power plants forecasted to 2030 under a ‘high’ and ‘low’ financing scenario and finds that financing costs matter. Equally important as renewables to global climate change mitigation are the dynamics of inter-fuel competition and namely the battle between coal and gas. While new plant economics seem to favor the rise of natural gas, regional variation in costs and power demand growth could dampen its ascent, to the benefit of coal. There is therefore a need for governments to assess appropriate policies to assure not only support for renewables but also for natural gas. In a changing energy environment, the issue of stranded assets is relevant as there is fear that policies aimed at climate change could lead to large amounts of stranded assets and potentially creating the inadvertent effect of companies holding back on needed investments to fuel the planet. Most importantly, the report investigates the future of new energy financing by exploring the core alternative energy project finance strategies that are critically important in many regions. It also drills down on the key components of broader financing strategies that address the role of currency risk in emerging markets, hedging strategies for project finance, public sector de-risking measure, participation of development finance institutions and the securitization of distributed energy production. Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,

After looking at the macroeconomic effect, we decided to switch gears and investigate the microeconomics of a changing energy environment. In this new report, we take a look at the competitive dynamics between fossil fuels and renewables and question whether renewables will remain competitive in a lower-for-longer fossil fuel environment, and subsequently, can renewables still be competitive in a zero subsidy environment. Financial innovation will be key to making this a reality. Technological breakthroughs in oil and gas production (shale technology) as well as renewable technology have led to precipitous cost declines in both energy mediums. With incremental efficiency gains and cost declines tailing off as renewables technologies mature and given financial costs are a large part of the overall costs for renewable power plants, the authors believe financial innovation could provide the next leg of cost declines for renewables to maintain their competitive position with fossil fuels. Given that cost of capital differs greatly between regions, financing costs of capital intensive renewables projects can indeed constitute the close to half of overall costs. To investigate how innovations in renewable energy finance and policy support for green finance could alter competitive dynamics of renewables vs. fossil fuels, the report considers total costs of new power plants forecasted to 2030 under a &lsquo;high&rsquo; and &lsquo;low&rsquo; financing scenario and finds that financing costs matter. Equally important as renewables to global climate change mitigation are the dynamics of inter-fuel competition and namely the battle between coal and gas. While new plant economics seem to favor the rise of natural gas, regional variation in costs and power demand growth could dampen its ascent, to the benefit of coal. There is therefore a need for governments to assess appropriate policies to assure not only support for renewables but also for natural gas. In a changing energy environment, the issue of stranded assets is relevant as there is fear that policies aimed at climate change could lead to large amounts of stranded assets and potentially creating the inadvertent effect of companies holding back on needed investments to fuel the planet. Most importantly, the report investigates the future of new energy financing by exploring the core alternative energy project finance strategies that are critically important in many regions. It also drills down on the key components of broader financing strategies that address the role of currency risk in emerging markets, hedging strategies for project finance, public sector de-risking measure, participation of development finance institutions and the securitization of distributed energy production. Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,Authors: Anthony Yuen,Seth M Kleinman,Michael Taylor,Marshal Salant,Richard Morse,Mary E Kane,Roxana Popovici,Georges Romano,Barbara Buchner,Willem Buiter,Edward L Morse,Adriana Knatchbull-Hugessen,Bruce Schlein,Eugene Belostotsky,Mike Curry,Valentino Gallo,Donovan Escalante,Ebrahim Rahbari,

Financing Green Energy in a Low Fossil Fuel Price World and Managing Stranded Asset Risk

In our August 2015 Citi GPS report <a href="https://ir.citi.com/E8%2B83ZXr1vd%2Fqyim0DizLrUxw2FvuAQ2jOlmkGzr4ffw4YJCK8s0q2W58AkV%2FypGoKD74zHfji8%3D">Energy Darwinism II</a>, we took an objective look at the economics of the global warming debate, to assess the incremental costs and impacts of mitigating the effects of emissions, to see if there is a &lsquo;solution&rsquo; that offers global opportunities without penalizing global growth, whether we can afford to do it (or indeed whether we can afford not to), and how we could make it happen.

Energy 2030: Financing A Greener Future

The voluntary carbon market (VCM), although nascent, has managed to provide financing for many sustainable projects in developing and emerging countries. This report provides a guide for companies to help navigate the VCM. We discuss how the market works, describe what initiatives are being done to improve it, and identify six steps that companies can use to help them use it effectively.

Voluntary Carbon Market

As a global bank, Citi believes it is important for us to take a leading role in contributing to the UN Sustainable Development Goals (SDGs). We echo this sentiment in thought leadership and strive to take a leading role in writing on the challenges, issues, and injustices facing the world that are identified in the UN SDGs. From water and climate change to electric vehicles we explore the problems and offer potential solutions towards achieving the goals.

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Managing the Financial Risks of Climate Change

Energy Darwinism III

Rethinking Single-Use Plastics

Energy 2030: Financing A Greener Future

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