[miningmx.com] – CITIGROUP is to cut back on financing coal mining projects – a move reflective of the bank’s commitment to managing environmental and social risks.
“This new policy reflects our declining exposure and our continued commitment to managing environmental and social risks and opportunities,” Elizabeth Patella, a Citigroup spokeswoman, told Bloomberg News in an e-mailed statement.
Citigroup said its credit exposure to coal mining had “declined materially” since 2011 and that the trend would continue into the future. The policy applies to companies that use mountaintop removal methods as well as coal-focused subsidiaries of diversified mining companies.
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