Citigroup Inc. maintained a strong focus on arranging bond sales for fossil-fuel companies despite sustained climate protests outside its headquarters in Manhattan. Between June 10 and September 5, during the protest period, the bank facilitated the issuance of approximately $4.2 billion in bonds for clients such as Saudi Aramco and Abu Dhabi’s main oil producer, Adnoc. This represents a significant increase compared to the $2.8 billion arranged during the same period the previous year.
This surge in bond underwriting marks the highest level of activity seen in this sector since 2020. The protests, termed the “summer of heat,” were part of a larger climate activism movement aimed at pressuring major financial institutions to divest from fossil fuels and transition more decisively towards a low-carbon economy. Despite the external pressures, Citigroup reiterated its commitment to supporting a low-carbon economy, even as it continued to engage in fossil-fuel-related transactions.
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