GlobalData offers a comprehensive analysis of CITIC Bank, providing key insights into its Environmental, Social, and Governance(ESG) factors. By closely monitoring and aggregating mentions of climate change and associated ESG keywords, GlobalData delivers valuable information on CITIC Bank’s ESG performance. GlobalData’s company profile on CITIC Bank offers a 360-degree view of the company, SWOT analysis, key financials, and business strategy including insights on ESG implementation among other information. Buy the report here.
CITIC Bank has released its 2022 Sustainability Report, which outlines the bank's adherence to national strategies, in regard to the green development philosophy of “carbon peak and carbon neutrality”. CITIC Bank's latest filings mentioned the keywords 'Carbon' and 'Green Finance' most number of times in relation to 'Climate Change'.
The Bank took active actions in response to climate changes, constantly improved the formation of green finance institutions and mechanisms, and doubled efforts to develop green credit, green bonds, and other green finance businesses.
The report also includes data on the bank's current carbon and greenhouse gas emissions, including direct (scope 1) and energy indirect (scope 2) emissions. In 2022, the company reported Scope 1 emissions (direct emissions) at 5,606.67 tones CO₂ equivalent and Scope 2 at 152,922.43 tones CO₂ equivalent.
CITIC Bank has taken steps to reduce its emissions, including reducing energy consumption and increasing the use of renewable energy sources. The bank has also invested in green finance and sustainable projects, such as green bonds and green loans. In addition, the bank has implemented measures to reduce waste and increase resource efficiency.
The Bank actively served the development of China Carbon Trade Exchange and signed a strategic cooperation agreement with China Carbon Emission Trade Registration Agency (hereinafter referred to as the “China Carbon Registration”). The company proactively promoted the green and low-carbon concept, launched the industry’s first personal carbon reduction account – “CITIC Carbon Account”, encouraged green consumption among the general public. As at the end of 2022, over 680,000 CITIC Carbon Accounts were opened, reducing GHG emissions by more than 500 tons.
In conclusion, the bank in pursuit of the carbon peak and carbon neutrality goals, promoted low-carbon business with the green operations and actively responded to major national policies and strategies. The bank's sustainability report provides a transparent and comprehensive overview of the bank's sustainability performance, and highlights the steps it is taking to achieve national carbon neutrality goals.