New York-based banking group Citigroup is set to launch a new unit focused on sustainability within its investment banking unit.
The new unit is dubbed the Sustainability & Corporate Transitions group.
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Keith Tuffley and Bridget Fawcett will be in charge of the new unit.
The latest move comes at a time when the demand for sustainable solutions is on the rise among corporations in the wake of the Covid-19 crisis.
The bank is also forming an advisory group comprising external experts on topics including climate and earth sciences.
“The current Covid crisis will elevate the importance of ESG to our clients, as they increasingly focus on more sustainable and resilient strategies and on recovery plans that help drive the just transition to a net-zero emissions future,” global Banking, Capital Markets and Advisory (BCMA) heads Tyler Dickson and Manolo Falcó said in a memo.
Last year, Citi named Elree Winnett Seelig as the ESG head for markets and securities services.
Various financial services firms have ramped up their sustainability efforts in recent times.
Among them is Barclays, which recently unveiled plans to shrink its carbon footprint to net zero by 2050.
The lender pledged to align all of its financing operations with the goals of the Paris agreement.
