The new unit, to be called the Natural Resources and Clean Energy Transition Group, will be headed by Steve Trauber and Sandip Sen, according to a memo seen by Reuters on Monday.
The unit will include the chemicals, energy and power franchises, showed the memo from Tyler Dickson and Manuel Falcó, co-heads at Citi’s Banking, Capital Markets and Advisory business.
Trauber will oversee the unit’s investment banking front, while Sen will be in charge of corporate banking, the memo said.
In a blog post on March 1, Citigroup’s Chief Executive Officer Jane Fraser announced the bank’s commitment to achieve net zero greenhouse gas emissions by 2050. (http://citi.us/3foQuVx)
The COVID-19 pandemic has caused a surge in interest in companies that perform well on environmental, social and governance (ESG) targets.
Other top-tier institutional firms such as Mastercard Inc (NYSE:MA) and HSBC have also committed to net zero emissions by 2050.
Last year, Citi launched a new business unit within its corporate and investment bank dedicated to ESG goals.