Report: Banking On Climate Chaos 2023 Shows Citi’s Outsized Fossil Financing

The 14th annual Banking on Climate Chaos report is the most comprehensive global analysis on fossil fuel banking. It reveals the truth of banks’ commitments to climate action by examining their financing of the fossil fuel industry. 

The report shows that U.S. banks dominate fossil fuel financing, accounting for 28% of all fossil fuel financing in 2022. It shows Citi as the second largest fossil fuel financier since the Paris Agreement was signed, with $332.91 billion in fossil fuel financing since 2016. Other key findings on Citi’s financing since 2016 include:

• Over $8.67 billion to companies developing methane gas (LNG) projects in the U.S. Gulf Coast and globally. This includes Sempra, the developer of a new project in Texas opposed by local communities for polluting their neighborhoods, harming their health, and perpetuating environmental racism.
• Second largest financier of Amazon oil and gas, funneling over $1.29 billion into oil and gas extraction in the Amazon region since 2017. A more recent report from Stand Research Group found that Citi’s Amazon oil and gas financing totals over $1.85 billion from 2009 to 2023.
• Financed over $7.33 billion to Enbridge, the developer of the Line 3 and Line 5 tar sands pipeline projects that extend from Canada through Great Lakes states in the U.S. Indigenous leaders call the Line 5 pipeline “an act of cultural genocide” highlighting Enbridge’s failure to respect the UN-sanctioned right to Free, Prior, and Informed Consent of Indigenous communities impacted by its pipeline projects.
• Pumped $345 million directly into the Coastal Gaslink fracked gas pipeline project on sovereign Wet’suwet’en land in so-called Canada, as well as $1.12 billion into TC Energy—its developer—and its subsidiaries since 2019. 
• Poured over $1.78 billion into ConocoPhillips, the company behind the Willow oil drilling project on Alaska’s North Slope, which threatens the health and livelihoods of Indigenous communities fighting the project.

You can explore the data on Citi’s financing for different fossil fuel sectors and specific companies at Banking On Climate Chaos website.

Banking on Climate Chaos is authored by Rainforest Action Network, Indigenous Environmental Network, BankTrack, Oil Change International, Urgewald, Reclaim Finance, and Sierra Club, and endorsed by 624 organizations from 75 countries.