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Citi is driving climate chaos and environmental racism by bankrolling the fossil fuel industry.

Citi is the second largest funder of fossil fuels in the world. The bank poured over $332 billion into coal, oil and gas since 2016.

The global climate crisis is driven by fossil fuels, and big banks like Citi have long been key financial enablers of the fossil fuel industry’s destruction. Fossil fuel companies need money to build new projects like fossil gas (also known as LNG) export terminals, tar sands and fracked gas pipelines, and coal plants. That’s where banks come in: they offer the financing that polluters need to recklessly develop more toxic fossil fuel infrastructure.

ONE OF THE MOST COMPLICIT OF THE BANKS IS CITI.

While Citi executives tout climate commitments publicly, behind closed doors it is blocking climate action by bankrolling the world’s worst climate polluters.

Following the money makes it clear that Citi is more interested in financing the extraction and exploitation of ecosystems and Black, brown, and Indigenous communities than a safe climate for us all.

Citi is the world’s second largest funder of oil and gas in the Amazon rainforest.

The bank financed over $1.85 billion in Amazon oil and gas since 2009—including arranging a $350 million bond for GeoPark to expand into the Platanillo block in the Colombian Amazon, contaminating the Putumayo and Piñuña Blanco rivers and harming the health and livelihoods of local communities.

Citi provided over $8.67 billion to companies developing fossil gas (LNG) projects globally.

This includes in the U.S. Gulf South, despite opposition from local communities for polluting their neighborhoods, harming their health, and perpetuating environmental racism.

Citi pumped $345 million directly into the Coastal Gaslink fracked gas pipeline project in so-called Canada, as well as $1.12 billion into TC Energy—its developer—and subsidiaries since 2019.

Indigenous Wet’suwet’en land defenders are fighting this project which threatens irreversible damage to sacred Wedzin Kwa River waters and ancient salmon spawning grounds.

 

Citi poured over $1.78 billion into ConocoPhillips, the company behind the Willow oil drilling project on Alaska’s North Slope.

This project violates Tribal sovereignty, desecrates sacred sites, and endangers the Teshekpuk Caribou herd who are in deep kinship to the Inupiaq community.

Citi loaned 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 have called the Line 5 pipeline “an act of cultural genocide” and criticized Enbridge’s failure to respect the UN-sanctioned right to Free, Prior, and Informed Consent of Indigenous communities impacted by its pipeline projects.

 

Citi has also supported over $65 billion in financing for Saudi Aramco.

Citi was recently warned by the UN that its financing for Saudi Aramco, the world’s largest corporate emitter, could be in violation of international human rights law and standards.

In the 7 years since the Paris Agreement was signed, Citi has provided $90.6 billion to fossil fuel activities in the Global South.

Communities across Africa, Asia and Latin America who are already experiencing the disproportional impacts of climate change also face land grabs, water pollution and loss of livelihoods from fossil extraction, compounding the injustice.

WHAT CITI MUST DO

1. Immediately stop financing new and expanding coal, oil, and gas projects and any companies expanding fossil fuels.

2. Rapidly phase out all fossil fuel financing and demonstrate year-on-year reductions in fossil financing in line with minimizing climate harms and limiting global warming to well below 1.5°C.

3. Ensure that clients fully respect all rights of Indigenous Peoples, including the Indigenous Peoples’ Right to Free, Prior, and Informed Consent (FPIC) as articulated in the UN Declaration on the Rights of Indigenous Peoples.

4. End financing for any projects or companies that demonstrate a pattern of violating human rights and self-determination, especially for Indigenous, Black, low-income and communities of color.

5. Adopt or strengthen sectoral and regional exclusion policies, including for coal, LNG, Arctic, Gulf South and offshore/ultra-deep drilling.

6. Scale up investments in renewables and proven climate energy solutions in line with a just transition and the needs outlined by the International Energy Agency, beyond the inadequate goals currently set by the bank.

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