Primary Climate Goal
Citizens Financial's target annual Scope 1 + 2 emissions for 2035 should be equal to 28 Kt = 50% * 57 Kt, according to the company's stated climate goal.
In order to achieve this goal, Citizens Financial would need to reduce its emissions at least by -0.8 Kt per annum over the period from 2022 to 2035:
-0.8 Kt = ( 28 Kt - 40 Kt ) / (2035 - 2021)
This translates into a -2% reduction in 2022.
The projected range shown on the chart is based on the Exerica's algorithm which takes account of both the company's stated goal and its past performance.
Citizens Financial aims to reduce Scope 1 + 2 by 50% by 2035 from a base year 2016
Science Based Targets initiative In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
In October 2021 SBTi developed and launched world's first net zero standard, providing framework and tools for companies to set science-based net zero targets and limit global temperature rise above pre-industrial levels to 1.5 °C.
GHG emissions and Carbon intensity
Scope 1 + 2 GHG emissions (in tons of CO2e) divided by the company's Revenues (in USDm) for the same period
Citizens Financial reported Total CO2e Emissions - Market-Based Scope 1 + Scope 2 for the twelve months ending 31 December 2021 at 40 Kt (-3 /-7.1% y-o-y). At the same time, carbon intensity was up at 8.1 t (+0.3/+3.8% y-o-y).
No public disclosure of Scope 3 emissions has been found for Citizens Financial at the moment.
The company is committed to reducing Scope 1 + 2 by 50% by 2035 from a base year 2016, which translates into the estimated reduction of -0.8 Kt per annum over the period of FY2022 - FY2035. This target, however, has not been recognised as science-based (and as aligned with Paris Agreement) by the SBTi.