We had a meeting with Citi leadership. It wasn’t pretty.
Since June 10th, 296 people have been arrested at Citi’s global headquarters for demanding an end to fossil fuel expansion. This morning, 46 elders, including faith leaders, scientists, and movement luminary Bill McKibben, were arrested.
This action comes hot on the heels of the largest Summer of Heat action so far: when on June 28th, nearly 1,000 people marched on Citi’s HQ and 64 people were arrested for blockading the doors.
Just a few days after the June 28th action, we met with Citi management. We met with the bank’s Chief Sustainability Officer, Corporate Banking Head of Corporate Transition, and the Head of Environmental, Social, Risk Management, as well as other members of the sustainability team.
The fact that Citi felt the need to send a large and relatively senior team to the meeting is a sign that our campaign is working.
On our side of the table, we had Roishetta Ozane, the CEO of the Vessel Project of Louisiana; Jeffrey Jacoby, the deputy director of Texas Campaign for the Environment; Kazi Fouzia and Mohiba Ahmed from Desis Rising Up and Moving (DRUM), a large NYC-based South Asian diaspora group; and Climate Defenders organizing director, Marlena Fontes.
Kazi and Mohiba spoke powerfully about the climate impacts already causing devastation in their home countries of Bangladesh and Pakistan. Roishetta spoke about the massive health impacts that LNG and fossil fuel projects are having on her community and other communities in the Gulf South.
After these powerful testimonies, we asked Citi 3 simple questions. Here are the questions we asked and Citi’s answers:
During the meeting, members of Citi’s team suggested that we are targeting them because they are already a climate leader, citing a Bloomberg opinion piece. We responded that we are targeting them for the following reasons:
We also told them that while it is disingenuous and dangerous to claim that Citi is currently a climate leader, we believe that Citi can be a leader.
If Citi were to commit to not financing LNG and fossil fuel expansion and massively increase its clean energy financing over the coming years, it truly would be an important leader in the fight to rein in catastrophic climate change, save countless ecosystems and prevent untold human suffering.
Until then it is complicit in the climate crisis and the lives and ecosystems being lost.
Immediately after the meeting, we reached out to request two follow up meetings: Roishetta and Jeffrey have requested a meeting to talk more about Citi’s LNG financing; we have requested a follow up meeting between Citi and the Summer of Heat campaign.
As campaign organizers who are accountable to a movement of people―including hundreds who have been arrested for the cause―we will continue to report back on how these meetings go to all of you.
You can amplify our report back from our meeting with Citi on social media. It’s on TikTok. Instagram. Twitter/X.
In Solidarity,
– Alec Connon, Stop the Money Pipeline coalition director
Investor nuns and Baptists will hold major banks accountable over their impact on Indigenous communities through resolutions at next week’s annual shareholder meetings (Tuesday, April 29).
The investors will demand that Citi and Wells Fargo demonstrate that their policies and practices are effective in respecting Indigenous Peoples’ rights—a critical issue that both banks have failed to address during the four years of proposal filings.
In contrast, JPMorgan Chase has recently made progress on its Indigenous Peoples’ rights commitments, following ongoing dialogue with investors, leading to the withdrawal of a similar proposal at JPMorgan this year. The bank disclosed that it considers free, prior, and informed consent —a fundamental aspect of Indigenous Peoples’ rights—before proceeding with transactions that may pose risks to Indigenous Peoples, and that this applies to their general corporate financing, in addition to their project financing. This represents a significant step in ensuring that Indigenous Peoples’ rights are not violated through banking financing. Investors are now asking: Why can’t Citi and Wells Fargo do the same?
The lead filers of the proposals, the Sisters of St Joseph of Peace and the American Baptist Home Mission Societies, succeeded in facing down both banks’ attempts to silence their shareholder proposals after the SEC ruled in March that they should go to investors for a vote.
Citi, one of the largest financiers of oil and gas operations in the Amazon rainforest, has been under scrutiny for funding companies linked to oil spills and human rights violations, including Petroperú, PetroAmazonas, and Frontera Energy. Despite Petroperú’s history as a major polluter in the Peruvian Amazon, Citi participated in a $1.3 billion syndicated loan and has acted as a solicitation agent for $3 billion in bonds for its Talara Refinery. Groups argue that this debt incentivizes more crude production in Amazonian blocks where Indigenous peoples have staunchly opposed oil activities, translating to legal risks.
Oil extracted from these blocks will also likely travel through Petroperú’s North Peruvian Pipeline–which has had at least 139 oil spills from 1997 to 2023. The pipeline remains a source of contamination, environmental degradation, and health risk for communities. In October 2024, the pipeline leaked over 6,000 liters of oil in the Peruvian Amazon, threatening Indigenous Quechua and Achuar peoples.
Meanwhile, Citi’s report on “Respecting the Rights of Indigenous Peoples” remains vague and lacking in meaningful analysis, and has not assuaged investors’ concerns. The continued violations and environmental harm demonstrate that the report does nothing to address or resolve these critical issues.
Similarly, Wells Fargo’s financing decisions are under scrutiny amidst its recent decision to abandon climate commitments, including its net-zero target. The bank has provided over $3.86 billion in funding to Enbridge, which is attempting to develop the Rio Bravo gas pipeline through the ancestral lands of the Carrizo/Comecrudo Tribe of South Texas, without their consent and despite fierce community opposition.
Additionally, Citi and JPMorgan have agreed to disclose their energy finance ratios, yet Wells Fargo has failed to do so and will face another shareholder resolution on this issue at the upcoming AGM.
Last year, the resolutions addressing Indigenous Peoples’ rights received support from one in four investors at both Citi and Wells Fargo, with the proposal at JPMorgan securing 30.8% support, reflecting a growing demand among investors for banks to align their policies with internationally recognized standards on Indigenous rights and climate accountability.
As these shareholder resolutions continue to gain momentum, investors are making it clear that they expect meaningful action from banks to respect Indigenous Peoples’ rights, reduce their financing of harmful projects, and address the climate crisis.
Sister Susan Francois, CSJP
“Proposal 6 simply asks Citi to report how they are respecting the human rights of Indigenous Peoples in their financing efforts. Without transparency, investors cannot effectively evaluate the bank’s exposure to regulatory, legal, and reputational risks.”
“As faith-based investors, we are called to care for creation and uphold the dignity of all people. Specifically, Pope Francis has named the moral imperative to include Indigenous Peoples in projects involving significant changes in environment or high levels of contamination on their lands. Citi has a duty of care to ensure that its investments do not violate Indigenous Peoples’ rights. It is common sense, good business, and the right thing to do.”
Gina Haas, American Baptist Home Mission Societies (ABHMS)
“We continue to file this resolution at Wells Fargo because meaningful change is still urgently needed. As investors, we demand transparency, accountability, and for Indigenous Peoples’ rights to be respected. Supporting this proposal is not only a moral obligation but a sound business decision. We urge investors to stand for Indigenous rights and vote in favor of this resolution.”
Hannah Saggau, Senior Climate Finance Campaigner at Stand.earth, said:
“Shareholders should take note that if JPMorgan Chase, as the world’s largest fossil fuel funder, can strengthen its policies to respect Indigenous Rights, then Wells Fargo and Citi must, too. From Turtle Island to Amazonia, we are holding banks accountable for climate chaos and violating Indigenous sovereignty. Wells Fargo and Citi must steer clear of any deals that make them complicit in rights violations.”
Olivia Bisa, President of the Autonomous Territorial Government of the Chapra Nation
“Major investors and financiers, such as Citigroup, have generated an insurmountable oil debt in our country, Perú. Now, the pressure to pay this debt continues to push our government to open new oil blocks in our Amazonian territories and in the oceans, creating conflicts among us who legitimately oppose oil activities, which have brought disease and destruction.”
Mary Mijares, Corporate Campaigns Manager, Amazon Watch
“To truly respect Indigenous rights, Citi must directly listen, understand, and meaningfully address the concerns of Indigenous peoples who repeatedly endure and persist against its oil clients that promote life-threatening fossil fuel projects, especially in the Amazon basin. Citi’s bold claim that it has sufficiently addressed Indigenous rights concerns should unnerve its shareholders, as the situation for oil-impacted Indigenous communities on the ground remains difficult–worsened by already existing bank fossil financing.”
Kate Finn, Executive Director, Tallgrass Institute
“Banks must ensure a comprehensive approach to client relationships that respects all of the rights of Indigenous Peoples while safeguarding investors from operational, reputational, and legal risks that stem from clients’ violations of Indigenous Peoples’ rights. Explicit recognition of Indigenous Peoples’ rights as enshrined in the UN Declaration on the Rights of Indigenous Peoples (UNDRIP), including the right to free, prior and informed consent (FPIC), is integral to that endeavor.”
###
United Church Funds (UCF), in collaboration with the Investor Advocates for Social Justice (IASJ), has reached an agreement with JPMorgan Chase, marking significant progress in advancing Indigenous rights within the financial sector. As part of this agreement, UCF has withdrawn a 2025 shareholder proposal that called on JPMorgan to evaluate the effectiveness of the company’s policies, practices and performance indicators in respecting the rights of Indigenous Peoples.
Over the past several months, UCF and IASJ — alongside co-filers Maryknoll Sisters of St. Dominic, School Sisters of Notre Dame Collective Investment Fund and the Sisters of Saint Joseph of Peace, engaged in multiple dialogues with JPMorgan to underscore the importance of Indigenous rights in both project-specific and general corporate financing. Through sustained, good-faith engagement, the parties reached an agreement that marks a meaningful step toward greater transparency.
As a result of these active engagements, JPMorgan has agreed to include new disclosures in its proxy supplement related to its Nature and Social (N&S) policies. Notably, the disclosure states that the company will consider free, prior and informed consent where risks are identified before proceeding with transactions that may have material implications for Indigenous Peoples — including general corporate purpose, asset-specific financing and capital facilitation activities. It also affirms that JPMorgan will consider a range of internationally recognized principles when assessing risks related to Indigenous Peoples — an approach further outlined in the company’s updated 2025 Human Rights Statement.
Matthew Illian, UCF’s Director of Responsible Investing, said: “Investors are increasingly aware that failing to consider the rights of Indigenous Peoples can expose companies to serious financial, legal and reputational risks. We’re encouraged by JPMorgan Chase’s commitment to greater engagement on this issue, and we see this agreement as an important step toward more responsible, resilient investment practices that benefit all stakeholders.”
A forthcoming disclosure expected later in 2025 will provide further detail on JPMorgan’s internal firmwide policies and standards. It is anticipated that JPMorgan will identify and evaluate risks related to Indigenous Peoples, and, where appropriate, engage with companies, and may require them to address these concerns prior to moving forward with financing or transactional support.
Caitlin Seznec, Program Director of Climate + Dignity at IASJ, said: “We recognize that this agreement reflects meaningful progress, while acknowledging that important work is still ahead to ensure the full respect of Indigenous Peoples’ rights. We appreciate JPMorgan’s responsiveness to investor concerns and look forward to continued engagement. As one of the largest U.S. banks, JPMorgan has the opportunity to lead its peers in advancing respect for Indigenous Peoples’ rights. This agreement marks a step in that direction.”
The JPMorgan Chase proposal was one of three proposals on this issue filed at major U.S. banks this year. Similar proposals remain on the proxy statements at Citigroup and Wells Fargo and will go to a vote at their respective upcoming annual meetings on April 29, 2025.
About United Church Funds
United Church Funds (UCF) is the leading provider of socially responsible, values-aligned investment management services to United Church of Christ churches and ministries, as well as all faith-based organizations. We offer customized investment portfolios and prudent investment strategies that provide competitive returns while also reflecting our clients’ values in seeking to achieve a just world. UCF also offers endowment governance consulting, planned giving programs and superior, personalized service from our dedicated Client Services team. To learn more about how UCF can help your church or faith-based organization further its mission while achieving its long-term financial goals, please visit www.ucfunds.org, email us at [email protected] or call us toll-free at 877-806-4989.
About Investor Advocate for Social Justice
Investor Advocates for Social Justice (IASJ) is a 501(c)(3) non-profit organization representing investors with faith-based values who seek to leverage their investments to advance human rights, climate justice, racial equity, and the common good. On behalf of our Affiliates, we engage companies to address strategic environmental, social, and governance issues and advocate for change. IASJ uses a variety of shareholder advocacy strategies to encourage corporations to adopt more ethical and sustainable business practices, and believes in seeking out and building collaborative partners who share similar goals, in an effort to increase the effectiveness and impact of our work.
Securities and Exchange Comission rules in favor of an order of New Jersey nuns in a dispute with Wall Street bank Citi, which tried to stop shareholders from voting for a fourth year on their resolution on Indigenous rights
Managed by Stand.earth & built by 89Up