Author Archive

Summer of Heat: Campaign Newsletter #6 & #7

This is a re-publication of a newsletter email from Stop The Money Pipeline about the Summer of Heat campaign. Learn more about the campaign by visiting its website here.

It’s been another wild couple of weeks during the Summer of Heat here in New York.

Yesterday, 300+ demonstrators, led by moms and kids, built a Children’s Climate Memorial outside the luxury apartment complex of Citi CEO, Jane Fraser. As a bagpiper played, hundreds of people solemnly stepped forward to contribute their offering to the memorial, which was built to honor the estimated 20,000 children that are displaced every day by climate-driven extreme weather events.

Later, 59 people were arrested for refusing to leave the sidewalk outside of her apartment; it didn’t stop them from singing though.

The day before, led by Ugandan climate warriors like Hillary Taylor Seguya, 150+ people marched to the headquarters of AIG to urge the company to refuse to provide insurance for the East African Crude Oil Pipeline (EACOP), which, if built, would be the world’s largest crude oil pipeline. 7 people were arrested for blocking the doors to AIG’s headquarters.

In all, over the last 48 days, more than 440 people have been arrested for engaging in nonviolent civil disobedience, demanding big banks like Citi stop financing fossil fuels.

But Citi has started cracking down, arresting campaign leaders, and hitting us with trumped-up, fabricated charges.

At yesterday’s action, Citi security had Jonathan Westin, the executive director of the Climate Organizing Hub, arrested for a third time in two weeks without cause.

Jonathan was a marshal at the rally. His job was to keep people safe. It is commonplace for rallies and marches to have marshalls in New York. Even though Jonathan was wearing a marshal vest, he was targeted by the NYPD and arrested for no cause. Of the 15+ marshals at the protest, he was the only one arrested.

On July 18th, myself and John Mark Rozendaal―a lifelong pacifist, professional cello player, and retired Princeton professor―were falsely accused of assault by a senior member of Citi’s Security and Intelligence Services. Why? It gave them an excuse to hit us with a restraining order, which means we can’t go back to Citi HQ, or else we risk up to seven years in jail.

On July 22nd, Teddy Ogborn, a founder of Planet Over Profit, and a regular videographer of actions, was arrested and held for nearly ten hours, accused of moving metal barricades that he never touched.

Citi’s crackdown on activists makes it clear that we’re having an impact. Citi would not be targeting campaign leaders and attempting to intimidate us if that were not the case. And their scare tactics are not going to work. They are only deepening our resolve.

Not only are we going to keep the protests going all summer long, but we’re calling for them to spread nationally. You can join the Summer of Heat wave of action call this Tuesday at 630 ET / 530 CT / 430 MT / 330 ET to learn what you can do to plug in.

It’s already been a long, hot summer here in New York, but as the temperature around the world keeps rising, we’re committed to keeping the pressure up on Citi and all of Wall Street until we win.

In Solidarity
– Alec Connon, Stop the Money Pipeline coalition director

PS: If you’re in a position to do so, please consider making a donation to support this work. With Citi escalating the charges and multiple people facing fabricated charges, our legal costs are mounting and we appreciate your support at this time.

Learn more about the Summer of Heat campaign here.

Check it out

Visit Stop The Money Pipeline’s website.

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Summer of Heat: Campaign Newsletter #5

This is a re-publication of a newsletter email from Stop The Money Pipeline about the Summer of Heat campaign. Learn more about the campaign by visiting its website here.

Yet another heat wave is pummeling New York this week. Temperatures will hit 105°F in parts of the city. Across the country, 30 million Americans will swelter in 100°F heat. The Summer of Heat, it’s turning out, is an apt name for our campaign.

This past week, the metaphorical heat has been rising on Citi, too.

Over the past 8 days, there have been 5 major protests at Citi’s HQ. Last Monday, elders held a mock funeral and die-in; 46 were arrested. On Tuesday, the Costco Hot Dog Rebellion blocked 1000+ employees from getting into work for over an hour. On Wednesday, kids, parents, and grandparents gathered for a storytime and sing-along about the climate crisis in the HQ plaza. On Thursday, employees had to navigate dozens of lamenters and activists wearing sandwich board signs.

This week, we have picked up exactly where we left off ― with a civil disobedience blockade of Citi’s headquarters. 11 people were arrested this morning, as they highlighted both Citi’s financing of fossil fuels and the ongoing atrocities in Palestine where the death toll has now been estimated to possibly be as high as 186,000.

Actions are starting to pick up across the country, too. Last week, activists in San Francisco shut down a major Citi branch and painted a “Summer of Heat on Wall Street West” street mural. Third Act groups across the country also organized actions.

Even the media is beginning to pick up that something big is happening. The New York Times reported that Citibank “is pouring the most money into new oil and gas projects worldwide” in a story that was mentioned on the front page; in the financial press, Bloomberg covered our recent meeting with Citi, pointing out that the companies Citi finances are driving the climate crisis; meanwhile, the more salacious, right-wing rag, the New York Post revealed that a Citi worker who violently pushed a young student is a senior general counsel at the bank.

Looking ahead, we’re going to keep this pressure up all summer long. Next week, we’re having two mass actions. One targeting insurance companies that are backing the East African Crude Oil Pipeline (EACOP) which, if built, would be the largest fossil fuel pipeline in the world. The following day, on July 27th, we’re having a mass march and mass action targeting Citi, once again.

There’s a lot happening here. It could so easily be exhausting―especially given everything else happening in the world right now. But two things keep me going. One is the knowledge that no matter what else is happening in the world, ending fossil fuels is a moral necessity. The second is the people powering this campaign.

The students and elders, the scientists, teachers and caretakers, the musicians and artists, who are the beating heart of this campaign.

I truly believe that this is the only way we can win, the only way that we can build the power required to topple the fossil fuel industry: by building a social movement that is powered by people who are driven by their desire for justice―people who are willing to put it all on the line, take risks, and make sacrifices to win a more just, fair and beautiful world for us all.

This summer, I feel so lucky to be surrounded by people like that.

In Solidarity,
– Alec Connon, Stop the Money Pipeline coalition director

PS: Looking for a way to support the campaign? Join us at the actions in New Yorkmake a donation to the campaign, or organize a protest at a Citi branch in your community!

Learn more about the Summer of Heat campaign here.

Check it out

Visit Stop The Money Pipeline’s website.

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Summer of Heat: Campaign Newsletter #3 & #4

This is a re-publication of a newsletter email from Stop The Money Pipeline about the Summer of Heat campaign. Learn more about the campaign by visiting its website here.

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.

Photo of Summer of Heat protestors holding signs that call for an end to Citi's fossil fuel financing

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:

  • Question 1: Will you commit to stop funding new LNG projects or any company engaging in developing new LNG? Citi refused to answer.
  • Question 2: Will you commit to stop funding any company engaged in developing new coal, oil, or gas projects? Citi refused to answer.
  • Question 3: Will Jane Fraser, the CEO, meet with us to hear our concerns? Citi refused to answer.

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:

  • Since 2021, Citi has provided $60 billion to the companies most aggressively engaging in upstream oil and gas development
  • Last year, Citi provided $4.3 billion to companies developing new LNG projects
  • Last year, Citi’s clean energy to fossil energy ratio was 0.58:1 – lower than even JPMorgan Chase and a million miles from where it needs to be

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 TikTokInstagramTwitter/X.

In Solidarity,
– Alec Connon, Stop the Money Pipeline coalition director

Learn more about the Summer of Heat campaign here.

Check it out

Visit Stop The Money Pipeline’s website.

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Summer of Heat: Campaign Newsletter #2

This is a re-publication of a newsletter email from Stop The Money Pipeline about the Summer of Heat campaign. Learn more about the campaign by visiting its website here.

In the 13 days since the launch of the Summer of Heat, there have been 7 actions and 184 arrests at the headquarters of the world’s largest funder of fossil fuels, Citibank.

This past week was youth and Palestinian solidarity week (which meant that millennials like me got to take a step back and catch our breath). On Tuesday, youth organized a Climate Justice Means Free Palestine rally, which turned into a brief occupation of Citi’s headquarters as young people called out both Citi’s role in the atrocities in Gaza and fossil fuels.

But on Friday, the youth were back, blockading Citi’s HQ with 4 fifteen foot long pipelines that spelled out: Citibank Stop Funding Death.

I don’t know if it was because of the record-breaking heat, or because it was the seventh protest at the headquarters in 10 business days, but whatever the reason, Citi employees were much more irascible than at previous actions.

One middle-aged man in a suit violently pushed a young student. Another kicked a climate defender in the shin. When one climate defender pointed out that hundreds of people have died at the annual hajj pilgrimage due to extreme heat, she was told by a Citi worker to “take a xanax”.

Because, yeah, I suppose taking a numbing painkiller is one way to respond to the fact that corporations like Citibank are pushing our world toward climate breakdown.

A Summer of Heat protestor holding a sign that reads, "Heat wave sponsored by Citibank".

It’s been a full two weeks already, but there’s not a lot of time for rest. Starting today is the Summer of Heat – Gulf South Solidarity Week.

As part of one of the largest build-outs of new fossil fuel projects happening anywhere in the world, dozens of new LNG, oil export, and petrochemical projects are slated to be built along the coastlines of Texas and Louisiana. And so, this week, we’re honored to welcome 170+ community organizers and frontline leaders from the Gulf South to New York.

All week, we’ll be organizing actions (there are at least five that I know of), before the week culminates on Friday in the largest Summer of Heat action so far: the Gulf South Rising, Fossil Banks Sinking March and Mass Civil Disobedience.

The goal on Friday is to have 1,000+ people march from Zuccotti Park, where Occupy Wall Street was launched in 2011, to the headquarters of Citibank, where more than 100 people will engage in nonviolent civil disobedience to demand an end to fossil fuels. If you’re in New York, I hope you’ll join us―because we need you.

I’m not going to lie. This is tiring. Organizing action after action; working 12, 13, 14 hours a day; it takes a toll. I’ve been arrested three times in the past two weeks; twice at actions when I wasn’t anticipating it. On Friday, I was arrested, without warning, as I tried to calm down an irate security guard. As the heat rises in New York, the temperature at our protests is growing, too.

But, tiring as it may be, as the deadly heat currently scorching the world―from the US and Mexico to the Middle East; from Greece to Egypt― reminds us: the fight to end fossil fuels could not be more important.

And so even if we are tired, the stakes make it easy to keep going. So does the community and the courage and the beauty that is spilling out of this campaign, and the fact that we’re already starting to inspire other actions around the country and the world.

And so on this Sunday, I’m already looking forward to the week ahead.

In Solidarity
– Alec, Stop the Money Pipeline coalition co-director

PS: If you’re wondering what you can do, one of the key things we’re asking people to do right now (besides show up) is to make a donation. If you’re in a position to make a donation, it’s greatly appreciated.

Learn more about the Summer of Heat campaign here.

Check it out

Visit Stop The Money Pipeline’s website.

Check it out
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Summer of Heat: Campaign Newsletter #1

This is a re-publication of a newsletter email from Stop The Money Pipeline about the Summer of Heat campaign. Learn more about the campaign by visiting its website here.

This week we launched the Summer of Heat campaign ― and this is the first of our Summer of Heat campaign newsletters that we’ll send out over the next few months.

It’s been quite the first week here in New York. We organized civil disobedience actions at Citibank’s global headquarters four days in a row: On Monday we blockaded every entrance with 150+ people. On Tuesday, we did it with a giant pod of orcas. On Wednesday, it was the turn of the scientists, including Dr. Sandra Steingraber and Dr. Peter Kalmus. And on Thursday we blockaded the headquarters with 200+ elders and 50+ rocking chairs.

On Friday, we held a block party in the plaza outside the HQ and in the midst of it all, we also found the time to disrupt a speech by Citibank’s Head of Wealth Management, Andy Seig. In total, 144 people were arrested this week, demanding an end to the financing of fossil fuels.

In some ways, it’s been a grueling week. I was in jail twice. My voice is hoarse; my throat strained from chanting at actions all week long. If my voice already sounds this gravely after just one week, I worry about what it will sound like at the end of the summer. As much as it has been a taxing week however, it has also been inspiring.

The stakes of the climate fight cannot be overestimated. Already, at less than 1.5°C of warming, half of the world’s coral reefs have collapsed and millions of children are being displaced by climate-driven extreme weather events every yearIf we don’t stop burning fossil fuels in the coming years, it will get so much worse.

Given these stakes, it feels good to be a part of a campaign that at least feels close to being commensurate with the scale of the crisis.

I take heart, too, in knowing that history shows how effective sustained campaigns of civil disobedience can be. Indeed, many of most significant advances in social justice of the past 150 years ― from women’s suffrage to desegregation to the many gains won by organized labor ― owe less to subtle, “respectable” maneuvering than to the disruptive campaigns and groups that first made the issues impossible to ignore, and then forced decision-makers to act.

I believe that will be true of the fight to end fossil fuels, too―and that civil disobedience will play a key role in turning Wall Street against the fossil fuel industry.

As we take a breath and prepare for another week of civil disobedience actions, there are several ways that you can support the Summer of Heat campaign, wherever you are.

You can take a few minutes to call Citi’s CEOemail a dozen of their top executives, or call them out on social media. If you have the means to do so, you can also make a donation to the Summer of Heat campaign here. We’ll put every cent to good use.

And, of course, if you’re really eager to jump in, you can also look up where the closest Citi branch is to you and plan an action; or you could even start to plan your trip to New York. June 28th would be a very good day to be in town…

In Solidarity
– Alec Connon, Stop the Money Pipeline coalition co-director

PS: Interested in checking out the media from the first week of Summer of Heat? The pick of the bunch is here: Newsweek, the HillSalonDemocracy Now – WednesdayDemocracy Now – ThursdayBloombergABC7AM NYNPRCommon Dreams, and the NY Post

Learn more about the Summer of Heat campaign here.

Check it out

Visit Stop The Money Pipeline’s website.

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Citi: A $200bn problem for solving climate change

— Citi employees are confidentially speaking to FossilFreeCiti on Citi’s funding of fossil fuels. Join your colleagues now by emailing [email protected]. — 


New data shows that Citi is the biggest global funder of companies
expanding oil, gas, and coal of any bank in the world. Citi has poured over $200 billion into fossil fuel companies since the Paris Agreement to limit planetary warming was signed in 2015 according to the latest annual report Banking on Climate Chaos by Rainforest Action Network and a coalition of NGOs. 

Did Citi miss the memo that the world doesn’t need new fossil fuel projects? Or that major fossil fuel companies are actively avoiding being part of the transition?

 

Pollution and rights

“We came from so far to tell Citi not to finance Petroperú” – Olivia Bisa, president of the autonomous territorial government of the Chapra Nation in Peru

Citi is behind some of the most egregious recent developments of fossil fuels. Here is just a taster of some:

  • In Indonesia, Citi funds Adaro which is building an aluminium smelter plant in a conservation and migration area for endangered species such as the green turtles, hawksbill turtles and killer whales. 
  • Citi is also turning a blind eye to violations of Indigenous rights – from the US, to the Amazon and Australia. In Peru it backs Petroperú which is involved in hundreds of oil spills and  threats to Indigenous leaders which oppose them. Olivia Bisa, president of the autonomous territorial government of the Chapra Nation in Peru, travelled to New York recently and met Citi to tell the bank its funding was threatening her life and her family’s: “We came from so far to tell Citi not to finance Petroperú, because they are impacting us, not only polluting our territories, but also they are causing fights and that we can have conflicts among us, among Indigenous nations, because Petroperú is using divisive tactics in the communities. Since 2022, where I denounced an oil spill in my territory, I have been criminalized. I’ve been threatened. I have received six lawsuits against me from Petroperú.”

 

Investor ire

Concern over Indigenous rights has seen one in four Citi shareholders support a shareholder resolution by investor nuns for three years. The message from investors is clear: “human rights violations are bad for business”.

 

Foul funder

A look at which companies Citi has been funding paints a stark picture of what this bank really cares about. Citi pumped $15 billion into ExxonMobil, one of the world’s biggest oil producers, which knew about climate change for decades but actively lobbied to stop action on it. Citi also funds Saudi Aramco – receiving over $6 billion since 2016. Because of this funding, Citi was named in a UN complaint last year over human rights abuses linked to climate change.

 

Transition plans

Citi knows it’s got a problem with its clients and its fossil fuel funding. Its own report released recently shows that 71% of its clients do have adequate transition plans. Yet there has been no policy announcement to drop clients which won’t transition away from oil, gas, and coal and no commitment that it will no longer back fossil fuel expansion. 

We have so much evidence that Citi is a dirty bank, the question is does it care enough about its investors, customers, staff and the planet to change direction?

Citi employees are confidentially speaking to FossilFreeCiti on Citi’s funding of fossil fuels.

Join your colleagues now by emailing [email protected].

Send your email
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Stand.earth on the 15th annual Banking on Climate Chaos Report

GLOBAL – As communities experience year-round fires, floods, smoke, and deadly heat, the 15th annual Banking on Climate Chaos report revealed today that banks around the world are continuing to finance fossil fuels at dangerous levels, surpassing $6.9 trillion since 2016.

Nearly half – $3.3 trillion – went towards fossil fuel expansion, at a time when science and justice demand a swift and rapid fossil fuel phase-out. The worst funder of fossil fuel expansion since the Paris Agreement is Citigroup, providing $204 billion since 2016. In 2023, Citi ranked 7th for expansion financing, with more than $14.6 billion worth of fossil fuel expansion deals.

The big five Canadian banks did an outsized proportion of the total fossil fuel financing for the period of 2016-2023 at US $911.15 billion or 13% of all deals, including 45% of all tar sands deals last yearThree banks made the 2023 Dirty Dozen – RBC (#7)Scotiabank (#10), and TD Bank (#11) – and all five are in the top 16 spots globally.

With an updated methodology in place, RBC remains Canada’s #1 fossil bank, #7 globally, #4 for financing fossil fuel expansion in 2023Scotiabank is #6 globally for financing expansion of fossil fuels in 2023. This report comes following an Indigenous- and frontline-led takeover of RBC’s annual shareholder meeting.

In AmazoniaCitibank, Bank of America and JPMorgan Chase are top financiers of oil and gas at $4.97 billion between 2016-2023. Since 2016, the top 60 banks have financed $11.15 billion in Amazonia extraction. Amidst an imminent tipping point as Amazonia faces the worst drought in history, three American banks are quickly followed by European Santander.

With research contributed by Stand.earth Research Group, the report reveals that Citibank has financed over $1.98 billion since 2016. Despite Citibank’s commitment to Indigenous Peoples in its  Statement on Human Rights, just last year the bank took part in a $500 million bond deal for Hunt Oil Peru – one of the companies behind the notorious Camisea Gas Project. In 2013, the UN called for an immediate suspension of Camisea as it threatens the survival of several uncontacted and isolated tribes in the territory.

On the 15th annual Banking on Climate Chaos report, Stand.earth leaders offered the following statements:

On Canadian banks as fossil fuel lenders of last resort, Richard Brooks, Stand.earth Climate Finance Director, said:

“We have the solutions, yet Canada’s big banks are still lighting the fuses of carbon bombs, pouring billions into fossil fuel financing during the hottest year on record. In Canada, the Big Five are all top 16 global fossil fuel financing banks. Canadian banks are positioned as lenders of last resort, holding dangerously outsized fossil fuel financing, which should sicken and worry us all. Canada’s largest bank RBC – under CEO Dave McKay – is proving unwilling to lead. It’s time for our government and regulators to step in and mandate Canadian banks help rather than hinder our climate goals.”

On banks’ financing extraction from Amazonia, Martyna Dominiak, Stand.earth Senior Climate Finance Campaigner, said:

“The Amazon is heading for collapse while banks like Citi are counting profits, propping up some of the most corrupt companies behind the brutal oil expansion in the largest rainforest driving all of us to a tipping point. But it doesn’t need to be like that. HSBC and some other banks already started their exit from Amazon oil and gas. It’s time for Citi, Bank of America and Santander to follow suit for the sake of Indigenous Peoples, Earth, and humanity.”

On Citibank as the world’s second largest fossil fuel financing bank since 2016, Hannah Saggau, Stand.earth, Senior Climate Finance Campaigner, said:

“While our communities experience devastating climate chaos like fires, floods, hurricanes, and deadly heat, Citi is perpetuating environmental racism with its $396.33 billion in fossil fuel financing since 2016. The same banks profiting off climate chaos are also profiting off weapons and war. Citi claims to be a climate leader, but should rather be named a climate criminal as the second largest fossil fuel financier in the world.”

Highlights:

(↑ indicates financing increased for this sector from 2022 to 2023, ↓ a decrease)

↓ Amazon oil and gas: In this report, Bank Of America leads financing for 24 companies extracting in the Amazon biome at $162 million — $33 million more than the next bank in the ranking, JP Morgan Chase. Financing totaled $632 million in 2023, dropping from $802 million in the year prior.

 Tar sands oil: The top 36 tar sands companies received $4.4 billion in financing in 2023, a $4 billion drop from the previous year. Canadian banks provided 45% of those funds. Top funders are CIBC, RBC, Scotiabank, Toronto-Dominion Bank, and Mizuho. 

↑ Methane Gas (LNG): The top bankers of 130 companies expanding liquefied methane gas (LNG) in 2023 were MizuhoMUFG, Santander, RBC, and JPMorgan Chase. Overall finance for liquefied methane increased to $120 billion in 2023.

↑ Coal mining: Of the $42.5 billion in financing that went to 211 coal mining companies in 2023, 81% was provided by banks located in China, led by China CITIC Bank, China Merchant Bank, Shanghai Pudong Development Bank, Industrial and Commercial Bank of China (ICBC), and China Everbright Group. Financing for this sector is up slightly compared to 2022.

↑ Metallurgical coal: The 48 companies active in metallurgical coal mining received commitments of $2.54 billion in financing in 2023. Top banks include CITICChina Everbright GroupBank of America, and Ping An Insurance Group. Financing for this sector is up slightly compared to 2022.

↓ Coal-fired power: Of the financing to the coal power companies listed on the Global Coal Exit List, 65% of financing was provided by banks located in China. In 2023, these companies received $80 billion from the banks in this report. Financing for this sector is down slightly compared to 2022.

↓ Gas-fired power: Banks committed $108 billion in financing to 252 companies expanding gas-fired power in 2023. The top 3 financiers in this sector are MizuhoICBC, and MUFG. Financing for this sector is down compared to 2022.

↓ Expansion: The 60 banks profiled in this report funneled $347 billion in 2023 into 874 companies expanding fossil fuels including Enbridge, Vitol, TC Energy, and Venture Global. In 2022, $385 billion went towards expansion. Financing for these expansion companies is down compared to 2022.

↓ Fracked oil and gas: Finance for 236 fracking companies totaled $59 billion dollars in 2023. U.S. Banks dominate this sector, with the top funders being JP Morgan Chase, Wells Fargo, Bank of America, Goldman Sachs, Citigroup, and Morgan Stanley. 

↓ Ultra Deepwater oil and gas: Japanese banks MizuhoMUFG, and SMBC Group top the list of worst financiers of 66 companies involved in ultra deepwater oil and gas for 2023. Financing totaled $3.7 billion in 2023, down from 2022.

↓ Arctic oil and gas: Financing for 45 companies involved in Arctic oil and gas dropped from $3.3 billion to $2.4 billion. The worst banks financiers of this sector in 2023 are UniCredit, Citigroup, Intesa Sanpaolo,  Barclays, and Credit Agricole.

Sector reporting in BOCC 24 is aligned with the Global Oil & Gas Exit List (GOGEL) and the Global Coal Exit List (GCEL), researched by Urgewald. All companies listed by the GOGEL or GCEL that show bank financing in each sector are reported. All companies identified on the GOGEL or GCEL as expansion companies are reported in the expansion league table. Amazon biome companies were identified by Stand.earth Research Group. Metallurgical coal companies were identified through a collaboration between BankTrack and Reclaim Finance.

 

Press Contacts:

Lindsay Meiman, Stand.earth Climate Finance Media Director, [email protected]

Lays Ushirobira, Stand.earth Amazonia Communications Manager, [email protected]

Shawna Ambrose, Rainforest Action Network (RAN), [email protected] (Global report inquiries)

 

SPOKESPEOPLE ARE AVAILABLE FOR INTERVIEW. 

All currencies are noted in USD unless otherwise indicated.

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Black and Indigenous Environmental Leaders Slam Citigroup for Funding Fossil Fuels and Driving Environmental Racism

April 22, 2024

NEW YORK CITY – On Monday, April 22, 2024, environmental leaders from communities on the frontlines of climate change convened the first-of-its kind Earth Day hearing on Citigroup’s environmental racism. Actor and activist Jane Fonda kicked off the hearing and introduced the hearing chair, Roishetta Ozane, a Black leader and environmental activist from Sulphur, Louisiana, and founder of the Vessel Project. The hearing culminated in a set of demands on Citigroup aimed at fixing the harms the bank has caused to impacted communities, including immediately ending funding for fossil fuels, publicly acknowledging harm the bank has caused communities of color, respect Indigenous rights, and investing in a just transition to sustainable energy

Photos and videos of the hearing can be found here. Members of the media have full permission to all photos and videos. 

As the world’s second-largest funder of coal, oil, and gas, Citi has poured over $332 billion into climate-ravaging fossil fuels since the Paris Agreement was adopted in 2016 – making billionaires even richer while everyday people are choking on wildfire smoke, losing their homes to floods, and trying to survive sweltering heat waves. 

Speakers at the hearing included Sharon Lavigne, of RISE St. James, among Time Magazine’s 100 Most Influential People of 2024; Olivia Bisa, President of the Autonomous Territorial Government of the Chapra nationality, who has faced death threats for her opposition to fossil fuel projects in Peru; and Sister Susan Francois of the Sisters of St Joseph of Peace in New Jersey which for three years has filed a shareholder resolution at Citi on Indigenous rights and fossil fuel funding. 

The hearing took place at St. Mark’s Church in-the-Bowery and was organized by Climate Defenders, New York Communities for Change, STAND.earth, Stop the Money Pipeline, and Texas Campaign for the Environment. Panel topics included the health impacts of fossil fuel build-out on the Gulf South, defending indigenous peoples’ rights, and solutions to climate change. 

Black and Indigenous environmental activists are building a movement to stop big banks from destroying the planet and say that this hearing was just the beginning of a wave of actions.

Olivia Bisa, President of the Autonomous Territorial Government of the Chapra Nation in Perú said, “Citi talks about respecting the Free, Prior and Informed Consent of Indigenous communities as set down by the UN, but it has clients like Petroperú which refuse to recognize the right to say no of seven Indigenous nations in the Peruvian Amazon. Petroperu’s disregard for Indigenous rights should mean something to the banks that lend them money; but in reality their mutual business continues. If they are serious about Indigenous rights, Citi must hold its clients accountable to ensure that their due diligence adheres to international standards of Free, Prior and Informed Consent.” 

Roishetta Ozane, founder of the Vessel Project of Louisiana, said, “The petrochemical facilities Citigroup funds are not bringing economic development in our communities. They’re polluting the air and water and making us sick, including  my own children, three of whom suffer from asthma and one from eczema. Citigroup is hurting our communities, and it’s especially hurting Black community in the Gulf South. We want Citigroup to stop funding fossil fuels and to stop hurting our communities and our families.”

“I want Citigroup’s CEO Jane Fraser to look me in the eye and tell me who is supposed to take care of our community members who are sick from pollution — because we have a lot of illness from pollution in our community. And who is going to bury them.” said Manning Rollerson, founder of the Freeport Haven Project for Environmental Justice. “Who is going to pay for the ongoing harm to our community? First, Black residents of Freeport were ordered that we could only live in the East End, then we were denied services for years while paying taxes, and now our whole community has been displaced so that Port Freeport can build warehouses and parking lots to continue shipping petrochemicals.”

Sharon Lavigne, founder of RISE St. James, named one of Time Magazine’s Most Influential People of 2024, said, “Where I live in St. James Parish is part of the notorious Cancer Alley – an 85-mile stretch in the Gulf South with high pollution and high rates of asthma and cancer. We have a funeral at least every week, sometimes two or three times a week. The cause is pollution from the 12 petrochemical plants and oil refineries within a 10-mile radius of St. James Parish. Citigroup could be part of the solution, but right now they are part of the problem since Citigroup has invested hundreds of millions into Formosa Plastics, which wants to open another plant in our Parish. That would be a death sentence for us.”

Sister Susan Francois, of the Sisters of St Joseph of Peace, said, “I am supporting the hearing to show the true interest of the Sisters of St Joseph of Peace in present and future generations impacted by the oil, gas and coal projects. Pope Francis has set out clearly the Church’s role in addressing projects in communities which result in a decline in their quality of life, the clearing of their land and the robbing of joy and hope for the future. Because of this, today’s hearing is of critical importance. For three years in a row, we have filed shareholder proposals with Citi asking for a report on the effectiveness of their policies to respect Indigenous rights. More than 30% of investors support this request because they know human rights violations are bad for business.”

Russell Armstrong, Senior Director, Campaigns & Advocacy for the Hip Hop Caucus, said, “I am participating in this hearing because financial institutions must prioritize climate justice and racial justice in all of their business decisions today for the possibility of a healthier and safer tomorrow. Repairing our communities will require the financial industry to agree that financing the fossil fuel industry is more than an ineligible use of funds, but is also harmful. Hip Hop Caucus is committed to strengthening the power of frontline communities of color.”

Armstrong continued, “In Citi’s Corporate Social Responsibility statements they say they “feel responsible for the community in which it operates” and we couldn’t agree more. That is why we are calling on Citibank to come meet with the frontline communities in the Gulf South and bear witness to how the additional billions in financing for fossil fuels since the 2016 Paris Agreements is not helping “build more sustainable, diverse and equitable communities” that they proudly stay they are “playing a leading role to drive the banking industry into a more sustainable future.

“We charge Citi with environmental racism: the bank’s record of harming communities of color has gone on too long,” Hannah Saggau, Fossil Free Citi Campaign Organizer at Stand.earth said. “We demand that Citi stop financing fossil fuel companies and start investing in frontline communities’ health and a climate-safe future.” 

Gabriel Alexandre, student at Leaders High School in Brooklyn, said, “Every year, during winter break, it seems as if my sister says the same, disappointing words to me: “How come there’s no snow this year? I miss making snow angels and having snowball fights!” And every year, we have to explain the same thing to her: The earth is getting warmer. This is why we’re demanding that Citigroup halt all investments into new oil and gas projects and instead invest money into green energy alternatives.”

Naomi Yoder,  Geographic Information Systems (GIS) Data Manager at the Bullard Center for Environmental and Climate Justice at Texas Southern University, said, “The evidence is clear: fossil fuels extraction and petrochemical production in the United States is an environmental injustice. We have the opportunity to change course, and we the people ask the banks and the corporations and the insurers to join us in enacting anti-racist, anti-oppressive policies, now.”

Below is a full list of demands that came out of the hearing. 

To begin addressing the harm caused by the $332 billion in financing for fossil fuels that Citi has provided since the Paris Agreement in 2016, Citi must commit to dramatically increasing financing of climate solutions and a just transition for and led by communities on the frontlines of the climate crisis. This commitment must be overseen by an advisory committee made up of majority Black, Indigenous, low-income, and Global South climate leaders.

Citi executive leadership will publicly acknowledge and apologize for the harm they have inflicted by financing the fossil fuel industry, including the human and ecological mass deaths as a result of the climate crisis. The Executive leadership will meet with community leaders on the frontlines of the climate crisis. They will travel to regions that have been harmed to understand firsthand how the projects and companies that Citi finances have affected everyday people.

  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.

Press Contacts:

Jonathan Westin, Climate Defenders, 917 637 9501

Emily Pomilio, Stand.earth, [email protected]

Alicé Nascimento, New York Communities for Change, [email protected]

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Demand Citi Stop Fueling the Climate Crisis

Sponsored by: The Fossil Free Citi Coalition

Add Your Name: Citi must stop fueling the climate crisis

Citi’s support for new fossil fuel projects jeopardizes our communities’ health, human rights, and future generations. As we experience the very real effects of the climate crisis, the cost of inaction is too high.

Together, let’s demand Citi stop funding fossil fuels for the sake of our communities — and our planet.

A major catalyst for the climate crisis is the funding of the fossil fuel industry by big banks. Banks invest billions of dollars into coal, oil, and gas corporations that create dirty energy, instead of massively expanding the renewables we need for safe, healthy communities.

Enter Citibank: a major climate offender. Citi is the second largest fossil fuel funder in the world, pouring $332 billion into the industry since the Paris Climate Agreement was signed in 2016. Citi has provided funding to companies like Exxon, Shell, Chevron, and Enbridge, who are building polluting new tar sands pipelines, oil rigs, and methane gas terminals, despite powerful resistance from frontline communities defending their right to a clean, healthy environment. 

Citi must stop financing new fossil fuel projects and the companies behind dangerous coal, oil, and gas expansion. Citi must also refuse to finance any companies that are violating human rights, especially the rights of impacted Indigenous communities.

Sign our petition to fight for your community’s health and safety by demanding that Citi stop funding fossil fuels.

Add your name using the form on this page or on Action Network.

Add Your Name: Citi must stop fueling the climate crisis

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Pressure on Citi to drop fossil fuel clients as report shows transition plans lacking

March 27, 2024

NEW YORK CITY – Citi is under pressure to drop clients focused on oil, gas, and coal as a new report by the bank shows 71% of these companies do not have sufficient climate plans to transition away from fossil fuels and address their massive emissions.

Only 28% of the oil, gas and coal companies Citi funds have a medium or strong transition plan into a clean energy future. The report categorizes oil and gas production and “energy process industries” as very high risk for not transitioning.

Citi’s report also shows it was responsible for 89.3 million metric tonnes of CO2 through their financing of fossil fuel companies, which is the equivalent of over 21 million cars driven for a year or 23 coal-fired power plants operating for a year.*

Despite the poor transition plans of the oil, gas and coal companies it funds, Citi fails to mention dropping clients, instead stating its will “hold conversations” with them and “continue facilitating solutions to support their transition planning.” Citi has been doubling down on its support for clients that do not have credible transition plans, including Exxon Mobil with Citi acting as lead advisor on the merger with Pioneer last year.

Richard Brooks, Climate Finance director at Stand.earth, called on Citi to explain how it can transition as a bank if the companies it lends to are not transitioning.

“Citi has laid out quite clearly that the vast majority of its clients are laggards and have no intention of transitioning away from oil, gas and coal. Because of this, Citi is responsible for over 23 coal plants worth of pollution due to the dirty energy companies it finances. Citi must take real action by divesting and transitioning its current relationships with these laggards who are failing to meet the needs of our clean energy future.”

Shawna Ambrose, spokesperson for Rainforest Action Network, added:

“Citi has a unique opportunity to lead the transition to a clean energy economy; instead the evidence is clear that Citi persists in bankrolling fossil fuel expansion and lacks credible, time-bound policies to achieve a transition that is aligned with what is needed to limit warming to below 1.5C and avert climate chaos. People from the Amazon to the US Gulf Coast are relying on Citigroup to make real and rapid progress on the targets it has promised – for the health of their children and all of our future generations on this planet.”

Citi is the second biggest funder of fossil fuels in the world, pumping in $322 billion between 2016-2022 according to the annual Banking on Climate Chaos report. The bank recently abandoned a bare minimum set of standards on risks to the environment and local communities where it finances oil, gas, coal, infrastructure and mining projects. These standards, called the Equator Principles, have also been dropped by  JP Morgan Chase, Bank of America and Wells Fargo. Citi is listed as having applied the Equator Principles to its funding of Cheniere’s Corpus Christi LNG expansion project in Texas in 2022, which is opposed by local communities over its health and environmental impacts.

The move is part of a concerning trend among banks headquartered in the US to backpedal on commitments on climate and to vulnerable communities affected by their financing deals. 

Bank of America has removed explicit bans on financing coal and Arctic drilling projects. JPMorgan Chase has introduced an “energy mix” for calculating its financed emissions, which will include renewable energy and make it harder to assess and recently left the voluntary CA100+ initiative. Citi’s chief executive, Jane Fraser, has also signalled a shift in priority.

Other global banks have continued to make policy changes to address climate and community risks. Barclays last month announced an end to funding for new oil and gas projects; HSBC in 2022 said it was ending funding for new fossil fuel projects. Danske Bank announced they would severely limit investments in fossil fuels via their asset management division after last year saying it would stop financing oil and gas projects and companies.

Last week the NYC Comptroller announced he had successfully pressured Citi to disclose information in 2024  on how much low carbon energy it finances in comparison to oil, gas and coal energy. Citi’s current ratio is 0.60:1 meaning for every $1 financing dirty fossil fuels only 60 cents are going into low-carbon energy like renewables. The International Energy Agency and others have stated the current ratio must by 4:1 to half economy wide emissions by 2030. As a result, Citi will no longer face a shareholder vote on the issue at its annual general meeting but the bank has yet to set a target to fix its energy ratio problem. 

 

* According to EPA greenhouse gas equivalents https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator#results

Press Contact:

Emily Pomilio, Stand.earth

[email protected]

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