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Illustration: Aïda Amer/Axios

Banking giant Citigroup said that last year it declined 11 "transaction opportunities" around coal mining or coal-fired power as a result of recently launched climate policies.

Why it matters: The tally, part of a wider ESG report released Monday, provides a rare glimpse at specific business fallout of Wall Street giants' growing restrictions on certain types of fossil finance.

Of note: Bloomberg has more on the report here.

Catch up fast: A number of banking giants like JPMorgan Chase and Citi are boosting finance for clean technology sectors in addition to their fossil restrictions.

  • Citi's report comes on the heels of its pledge this month to steer $1 trillion toward "sustainable finance" by 2030, with half for various "climate solutions."

What they're saying: One climate activist who tracks banking tells me that the level of detail in Citi's report on its coal financing rejections is uncommon.

  • "This sort of specificity and transparency is rare and refreshing," Beau O'Sullivan of the Bank on our Future network tells me via email.
  • We're used to banks boasting about the green business they're financing, but that's exactly what banks do — finance profitable and growing sectors. Real climate leadership in the banking sector means turning down business," he said.

But, but, but: Activists are pushing banks to phase out fossil-related lending more broadly, including the oil-and-gas sector.

  • "We need to see Citi, the world's second biggest financier of fossil fuels, ending relationships on a corporate level with companies that are expanding fossil fuel business," O'Sullivan said.

Go deeper: Climate spotlight moves to Wall Street and its overseers

Go deeper

CEOs feel the pressure to act on climate change

Axios' Courtenay Brown and Ceres CEO Mindy Lubber. Photo: Axios

CEOs feel the pressure to take action on climate change in the absence of government regulation, executives at Patagonia and Ceres said at an Axios virtual event on Tuesday.

What they're saying: Federal and state regulators, starting with the Securities and Exchange Commission and Federal Reserve, should not let policies to offset climate change be voluntary for businesses, Mindy Lubber, CEO and president of the sustainable investment advocacy group Ceres, said.

Ben Geman, author of Generate
Apr 26, 2021 - Energy & Environment

Exclusive: The big push for a clean power mandate

Illustration: Rebecca Zisser/Axios

A wide coalition of environmental groups on Monday will urge President Biden and Capitol Hill leaders to require major increases in zero-carbon power generation in the infrastructure package lawmakers are crafting.

Why it matters: Their letter today backing a "clean electricity standard" (CES) signals a growing push behind the idea across a big swath of the environmental movement.

Tech's war for your wrist

Illustration: Sarah Grillo/Axios

Tech's biggest companies are ramping up competition for the real estate between your hand and your elbow.

The big picture: The next big hardware platform after the smartphone will likely involve devices for your eyes, your ears and your wrists.