Citi to stop working with thermal coal miners, to reject funding for Arctic oil, gas exploration

Citigroup will stop providing financial services to thermal coal-mining companies over the next 10 years to help accelerate the economy’s shift away from fossil fuels.

By 2025, the bank won’t provide underwriting and advisory services to the industry and will cut its credit exposure in half, Citigroup said Monday in a statement. It plans to eliminate its exposure entirely by 2030.

“Citi recognizes that emissions from fossil-fuel sectors in particular must be drastically reduced in the coming decade,” the company said in the statement. “The shift away from fossil fuels in pursuit of renewable and other sources of low-carbon energy will have a significant effect on clients in coal-fired power generation, coal mining and certain segments of the energy sector.”