Open Letter: Citi must stop repressive targeting of climate activists

On August 5, 239 organizations and individuals sent a letter to Citi executives to express solidarity with the Summer of Heat campaign leaders who are being targeted with false charges and spurious arrests by Citi’s private security team.

“We stand in steadfast solidarity with Summer of Heat activists’ right to peacefully advocate for a livable future and an end to the climate crisis, and the right of all activists to protest against injustice,” reads the letter. “We urge Citi and NYPD to respect protestors’ constitutional rights to peaceful assembly and free speech, and cease their repressive tactics.”

The signers further call on Citi to meet the campaign’s demands to stop funding fossil fuels instead of attempting to silence climate defenders.

Since June 10, Summer of Heat activists have blockaded the doors to Citi’s global headquarters 15 times, 3,500 people have participated in actions, and 462 people have been arrested. The Summer of Heat on Wall Street is a sustained campaign of nonviolent civil disobedience that is bringing the climate crisis to the doors of the world’s biggest fossil fuel funders.  The campaign has been covered by the New York Times and Bloomberg.

In response to the escalating pressure, Citi’s private security team is collaborating with police to retaliate against leaders of the movement. For example, Alec Connon, Director of Stop the Money Pipeline, and climate activist John Mark Rozendaal were falsely accused of hitting a man believed to be a senior member of Citi’s private security team, who then filed a temporary restraining order against them. Now, if they go back to Citi’s headquarters before their Sep. 6 court date, they could face up to 7 years in prison.

On Thursday, August 8th, John Mark Rozendaal and Alec Connon will defy Citi’s attempts to silence peaceful protest. Rozendaal will play a live cello performance in the public plaza outside Citi’s HQ called A Plea for Our Future, and Connon will also attend.

The Summer of Heat leaders refuse to be silenced or intimidated, and are vowing not to back down in the face of Citi’s repression. They will continue to hold Citi accountable for its role in the destruction of our planet and devastation to frontline communities.

Press:
Emily Pomilio, [email protected]

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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.

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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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Citibank responds to pressure from Indigenous leaders and environmental organizations with new Amazon policy: a step forward to address oil and gas expansion

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GLOBAL – Last week, Citibank released its new environmental and social risk management (ESRM) framework, which pledges to no longer provide project-related financing for oil and gas expansion in Amazonia. Stand.earth and the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA) welcome this step forward, but call on Citibank to adopt stronger measures that include a geographic exclusion policy for all oil and gas financing in Amazonía, which would prevent and mitigate the risks to Indigenous Peoples, biodiversity, and avert an imminent tipping point in the Amazon.

The new policy excludes financing for project-related financial products or services for expansion of oil and gas operations in the Amazon. While the updates are an improvement over previous policies, which made no such explicit exclusion, project-related deals are estimated to be only 18% of Citibank’s overall direct financing for Amazon oil and gas. That leaves out an estimated 82% of the bank’s financing in the Amazon, according to research conducted by Stand.earth Research Group using the Amazon Banks Database. For the deals that would be covered by the new exclusion policy, key terms including ‘The Amazon’, ‘project-related’ and ‘expansion’ must be defined in order for the public to understand if these changes will have a positive impact. Citibank needs to provide clear definitions as soon as possible, including adopting the RAISG definition of Amazonia in line with other banks’ policies.

The policy update comes after years of pressure from Amazonian Indigenous organizations and environmental civil society groups, and amidst a mobilization of nonviolent civil disobedience in New York City against the bank dubbed “Summer of Heat,” where activists have called on the bank to end their funding of fossil fuel projects in the Amazon and beyond. Advocacy groups recently exposed the bank’s position as the top bankroller financing Amazon oil and gas and the world’s second largest fossil fuels financier. Stand.earth and COICA’s “Greenwashing the Amazon” report shone a spotlight on major gaps in Citibank’s risk and exclusion policies that are now partially addressed through this revised risk framework.

This update coincides with the start of fire season, and just months after the basin registered its worst drought in over 120 years. With over US$ 2.3 billion of direct financing to oil and gas in the Amazon over the past 20 years, Citibank is the most complicit in the sector’s destruction of the largest rainforest on Earth. In the last 20  years, Citibank was a major financier of some of the most notorious companies behind oil exploitation in the Amazon. Examples include PetroEcuador, the state-owned company responsible for the drilling in Yasuní National Park and threatening the last uncontacted peoples in Ecuadorian territory; and Petroperú, also a state company pursuing controversial oil expansion amid Indigenous resistance in Perú.  

Another important aspect of the introduced changes is that Citibank also commits to evaluating the risk profiles of all their oil and gas clients globally. Triggers for this enhanced screening include a) the geographic location of oil and gas assets, b) the risks associated with oil and gas activities, c) the overlap with areas of high caution (including the Amazon), and d) any patterns of regulatory violations, safety incidents, community opposition or litigation related to environmental and social issues. Specific to the Amazon, Citibank now stipulates that any general corporate purpose transactions for clients with operations in the Amazon will require enhanced due diligence. This is a step in the right direction for remedying the greenwashing highlighted in Stand and COICA’s recent “Greenwashing the Amazon” report.

These new policies suggest that deals like the US$ 500 million project-related bond deal in 2023 for Hunt Oil Peru should be a thing of the past. Hunt Oil Peru is a ‘pure play’ company focused solely on the Camisea Gas Project. It holds 25% interest in two gas power plants in Peru. In 2013, the UN called for the “immediate suspension” of any plans to expand the Camisea project, due to the high likelihood that by further intrusion into the Nahua-Nanti Reserve, territory of several Indigenous Peoples in voluntary isolation and initial contact, there could be an increased risk of disease and death. The deal is project-related, and the company is operating in an area of high caution with large-scale Indigenous opposition. There will be a close eye on Citibank’s Amazon-related deals in the coming months to see if deals like this continue to pass the bank’s new due diligence framework.

Finally, the policy falls short of recognizing the damaging role of Citibank-funded oil traders like Gunvor. Gunvor recently pleaded guilty for bribery and was ordered to pay approximately $662 million by the US Justice Department for a series of corruption scandals and penalties in the US and Switzerland. Unfortunately, the new Citibank policy does not mention any exclusions or screens related to oil trading. The bank’s policies must address the risks of all their areas of finance, and include special considerations for the high degree of risk posed by intermediaries, current clients of the bank.

On Citibank’s new ESRM policy report, COICA and Stand.earth leaders offered the following statements:

Fany Kuiru, General Coordinator of the Coordinating Body of Indigenous Organizations of the Amazon Basin (COICA), said:

“Citibank has invested more than $2 billion in a massive expansion of oil and gas in the Amazon, invading our territories, polluting our rivers and making thousands of communities sick. While Citibank’s new policy is an important step toward ending oil and gas, it is insufficient with the Amazon on the brink of the tipping point. Indigenous leaders have repeatedly expressed to Citibank and its state partners the urgency of abandoning oil and gas exploration and exploitation in the face of an impending tipping point. Currently, we are facing profound climatic instability in the region. In Brazil, what began as a severe drought has turned into a humanitarian emergency due to flooding in the south of the country. Once again, I invite the leadership of Citibank to witness firsthand the effects of their decisions on the Amazon, our home. I urge Citibank to stop financing extractivism that threatens Indigenous Peoples and our livelihoods, while annihilating the biodiversity of our rainforest and driving its destruction.”

Martyna Dominiak, Senior Climate Finance Campaigner at Stand.earth, said:

“For over a decade, Citibank has been the largest and the most influential financier of Amazon oil and gas. The bank financed companies responsible for endangering uncontacted Indigenous Peoples, contaminating rivers, and driving oil expansion with rampant corruption. Citi’s new policy addresses some of these issues and is a welcomed next step. But with the Amazon heading for collapse, we need greater action commensurate with the problem. HSBC, another major Amazon oil and gas financier, has already shown how it can be done. Citibank must follow suit and urgently commit to ending oil and gas financing in the Amazon – for the sake of Indigenous Peoples, Earth, and humanity.”

Hannah Saggau, Senior Climate Finance Campaigner at Stand.earth, said:

“Despite new restrictions on Amazon oil and gas financing, Citi is still the world’s #2 fossil fuel financier. While our communities experience devastating climate chaos from fires, floods, hurricanes, and deadly heat, Citi is perpetuating environmental racism and Indigenous rights violations by funneling over $396 billion to the fossil fuel industry since 2016. The bank is reacting to our pressure with this positive step, but the pressure will continue until we see more significant reform of their fossil fuel financing.”

Angeline Robertson, Senior Researcher at Stand.earth Research Group and Lead Author of “Greenwashing the Amazon”, said: 

“Our recent report, ‘Greenwashing the Amazon’, showed how Citibank greenwashes their sustainability policies by ignoring that only 2% of the area of Amazonia, the most biodiverse place on the planet, is covered by their biodiversity exclusions. We will observe closely whether Citibank’s new Amazon exclusion for project-related financing for oil and gas expansion will truly impact the bank’s financial decisions in the coming months and years.” 

 

Exit Amazon Oil and Gas

Since Stand.earth launched the campaign Exit Amazon Oil and Gas, banks including Natixis, BNP Paribas, ING, and Credit Suisse have committed to ending their financing of trade in oil from ports in Ecuador and Peru, which covers much of the crude oil trade from Amazonia including the flow from the Colombian Amazon. In addition, BNP Paribas, Société Générale, Intesa Sanpaolo, HSBC, Standard Chartered, and most recently Barclays have also committed to various oil and gas exclusion policies across the Amazon, some also on a corporate level. 

Citibank’s move, although far from ideal, sends an important signal to other banks who hold the most influence in the region: JPMorgan Chase, Bank of America, and Santander. These banks must acknowledge the risk posed to Amazonia and Indigenous Peoples by oil and gas extraction, the legacy of corruption, pollution, deforestation and violence caused by extractive industries, and the responsibility banks have to uphold their commitments to protecting biodiversity, safeguarding human rights, and fighting the climate crisis. 

###

Notes to the editors:

Stand.earth and COICA recommend that banks adopt a geographic exclusion covering all transactions involving the oil and gas sector in the Amazon. This is a similar, but more comprehensive, approach to the Arctic exclusions adopted by banks in 2020 to protect the globally significant environmental and social values of that region. This is proposed as the only viable solution to avert a tipping point in the Amazon, which must remain at least 80% protected in order to avoid a tipping point, stop biodiversity loss, mitigate climate change, and uphold Indigenous Peoples’ and local communities’ rights.

Contacts
Europe: Martyna Dominiak, [email protected]
Americas: Lays Ushirobira, [email protected]
Cari Barcas, [email protected]
Bryan Ludeña, [email protected]

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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.

Check it out
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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.

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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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Costco Petition Delivery Success: CEO responds!

This is a re-publication of a blog from Third Act. Read the original blog here.

Last week on a cold, rainy morning in Issaquah, WA, the day before Costco’s annual virtual shareholder meeting, a dedicated group of Third Actors, Stop the Money Pipeline supporters, Costco members and shareholders, and local activists delivered 40,000 petition signatures to Costco’s new CEO, Mr. Ron Vachris, calling on Costco to cut ties with Citibank if Citi won’t clean up its portfolio and stop funding the expansion of fossil fuels. We delivered the petitions with a “Congrats, Ron!” welcome party to highlight his new role at the helm of the 3rd largest retailer in the US and the power he can leverage as a big client of Citibank’s. And, during the Costco shareholder meeting, he responded! Here is a round-up of our campaign activities, what Mr. Vachris said, and what’s next.

Making the Campaign Visible to Costco

As part of coalition efforts to escalate pressure on Wall Street banks to stop funding dirty fossil fuels, we are working to leverage the power of big bank clients like Costco to influence their banking partners on climate. Third Act and Third Act Working Groups, Stop the Money Pipeline, Stand.earth, Climate Organizing Hub, the Sunrise Project, New York Communities for Change, Hip Hop Caucus, and several other partners together launched the “Costco: Clean Up Your Credit Card” campaign in September 2023 and gathered petition signatures in-person and online throughout the Fall (if you haven’t signed it, you still can!).

Our tone has been consistently friendly and encouraging towards Costco, as our primary request is that Costco push Citibank to stop funding dirty fossil fuels. We have written to Costco’s executive leadership multiple times requesting a meeting and offering to be a resource to assist Costco in addressing the company’s emissions associated with its banking relationships. But we did not receive a substantive reply other than “we plan to honor our contract with Citibank.”

To make sure that Mr. Vachris, Costco leadership, and board members heard and saw the growing chorus of voices calling on Costco to “do the right thing,” as its corporate motto proclaims, we planned a series of activities to make this petition delivery visible.

Check out this round-up of our creative and collective efforts on full display over several days and watch the video below:

  • Delivered to Mr. Vachris’ office at headquarters a card and booklet with the 40,000 signatures, including 18,000 Costco members;
  • The “welcome party” at Costco headquarters on January 17, complete with a sheet cake, a giant card congratulating Ron, party hats, Costco members in red aprons, and giant scissors cutting up a Citibank credit card. We  even had a dancing hotdog!! (Costco is famous for its $1.50 hotdogs);
  • Sang a reworked “Celebration” song by Kool and the Gang with lyrics like “Citibank, Good Bye, Farewell!” (watch this video by Alex Garland);
  • A mobile billboard that circled Costco headquarters, an adjacent warehouse, and the Seattle Costco warehouse on January 18, the day of its virtual shareholder meeting, with graphics calling on Costco to drop dirty Citi (see videophotos);
  • Costco shareholders published a blog expressing their concerns and submitted written questions during the shareholder meeting asking what steps Costco is planning to take to address these concerns regarding its relationship with Citi;
  • Costco members delivered the petition memo and card to at least 10 Costco stores in 6 states (and counting!), and engaged in sincere conversations with Costco store managers. Many store managers shared that they are concerned about climate change, they did not know about Citibank’s role in funding the climate crisis, and agreed to share the petition information with their regional managers and leadership;
  • Published updated analysis by Topo Finance estimating Costco’s carbon footprint from its cash deposits – where banks get to use its money to fund oil, gas, and coal – is equivalent to 85.3% of Costco’s total operational carbon emission (all the energy and gas used for its warehouses, deliveries, capital goods, employee travel and commuting, and more). Costco’s carbon cash footprint is equivalent to 10.1 gas-fired power plants operating for one year; and
  • Garnered publicity via an in-depth article by Keerti Gopal at Inside Climate News, coverage by Progressive Grocer (a trade association publication), a media statement, and Bill McKibben’s Substack “Sheet Cake As Ammunition.”

Costco CEO Responds at the Shareholder Meeting

As a result of all this creative campaigning and visibility, and in response to a group of Costco shareholders asking questions about Costco’s relationship with Citi during the virtual annual shareholder meeting, Costco’s new CEO, Ron Vachris, responded:

“Citi is indeed a key partner for Costco Wholesale, and we are aware of those petitions that were signed. We are going to continue moving forward with our climate action plan, and have been in discussions with Citi about their carbon reduction plans in the future. We’re going to focus on our efforts, and we’ll stay close to Citi and their efforts as well.”

We got the CEO of the 3rd largest retailer in the US to publicly acknowledge our campaign and the issue of Citibank’s climate pollution! While this is definitely not enough, this indicates significant progress for our campaign. We are hearing directly from the new CEO for the first time on this issue, Costco leadership has seen and acknowledged this issue, and we now know that Costco is having “discussions” with Citi about their carbon reductions.

Bill McKibben remarked on the CEO’s response: “Costco has taken a good first step: it has acknowledged the concerns there are with Citi as its credit card issuer. The next step should be robust discussions with Citi over the billions it continues to pour into harmful projects and companies that are contributing to climate change. We eagerly await the outcome of these discussions.”

Stop the Money Pipeline is a core leader of the Costco campaign coalition, and Sarah Lasoff  STMP’s Special Projects Manager expressed her excitement about this progress and what’s next. “I am immensely grateful for and proud of all the organizing that has led to this moment. Our campaign and coalition are making progress and it’s because of people just like you. From sending an email to showing up to Costco’s HQ to petitioning at Costco warehouses and farmers markets, all of our collective pressure resulted in Costco CEO’s public response. While his response indicates progress, it is not enough. We are going to need as many folks involved as possible, especially Costco members, shareholders, employees, and board members, to continue our pressure urging Costco to turn acknowledgement into serious action.”

We look forward to hearing directly from Costco’s leadership about their own efforts as part of Costco’s climate action plan, how they will address Costco’s financed emissions associated with their banking relationships, and how Citi is responding.

Citi Are You Listening? Stop Funding Fossil Fuel Expansion!

Anne Shields, a member of Third Act Washington and a Costco shopper, notes, “We are pleased that new Costco CEO Ron Vachris is prepared to listen to 18,000 of Costco’s own members like me and to discuss with Citi about getting serious on climate. But Costco should know that talk isn’t enough, we want to see action. We want Costco to make it clear that they will take their business to another bank if Citi doesn’t get serious on climate. I am doing this for the future of my sons and I won’t be giving up.”

About a year ago, Chris Goelz, a Third Act supporter in Seattle, had just signed Third Act’s Banking on our Future Pledge and realized his Costco credit card was issued by Citibank. So, he reached out to Costco staff that managed the Citi credit card partnership to express his concerns, which were politely deflected and passed on to Citibank. Chris is also a Costco shareholder and says, “Our call remains the same:  Unless Citi significantly curtails its funding of fossil fuel expansion, Costco must find a new credit card partner.”

Our efforts are not stopping with the petition delivery. No way! Already since last Friday, more than 100 people have submitted Letters to the Editor to their local papers (you can too! Use our online tool), and the Press Herald in Maine has already published one. More than 3,600 people wrote to the top four Costco executives asking them to heed the call of petition signers and reevaluate its relationship with Citibank. And there’s even a new song “Hey, Citi–Hey, Costco” by a Third Actor from Texas, Purly Rae Gates , who is a talented musician and songwriter. Purly Rae sings:

“Hey Costco, quit the Citi
For the country, the planet, for the future we will see.
Be a leader, do the right thing
Help us move the world to clean energy.
Clean up the card!
It’s a choice.
Mother Earth has given warning
It’s time to raise your voice.”

We are raising our collective voices! And we continue to urge Costco to raise its voice and call for Citi to stop funding fossil fuels and accelerate its investments in clean energy and climate solutions.

(Watch for the imminent release of Purly Rae Gates’ digital, 6-song EP “Songs for a Fossil Fuel Funeral” on the usual platforms). 

Read the blog on Third Act’s website.

Check it out
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High seas swindle: Citi slammed for chairing bank group to decarbonize shipping while funding deepwater drillships

The bank chairing the push to decarbonize shipping has pumped millions into controversial deepwater drillships this year.

Citi’s chairing of the Poseidon Principles, which involves reducing the emissions in shipping, is also being questioned as the group’s latest annual report published today shows the bank’s score on meeting targets for reducing financed emissions in shipping has worsened again.

Citi was involved in loans this year to two drillships owned by Transocean, including a $486 million loan for the building of a new ship, the Aquila, and a $525 million loan for upgrades to the Titan. Since 2016, Citi has pumped over $2.5 billion into Transocean, including $407 million in 2019, the year the Poseidon Principles were set up. Citi has also financed another drill ship builder Valaris, pumping in over $600 million since 2016.

Offshore drilling is one of the riskiest types of oil and gas extraction, given the oil spills and damage to marine life it involves. The Aquila ship will be built on the coast of Brazil, threatening sensitive marine ecosystems and coastal communities that rely on fishing—including Quilombola communities, Afro-Brazilian descendents of escaped slave populations. Many communities in Brazil have powerfully resisted ‘petro-dependency’ for years, calling out the oil and gas industry’s contamination of their land, air, and water and violations of their rights to healthy and safe working and living conditions.

Citi’s project financing of drillships and funding for off-shore drilling companies comes as banks and energy companies seek to cash in on high oil prices and drill in more remote settings, including the ocean bed. At the same time banks like Citi say they remain committed to Net Zero targets. 

Stand.Earth criticized Citi’s chairing of the Poseidon Principles while funding destructive drillships as “greenwashing”:

“Citi is acting like a rogue pirate on the high seas: riding the wave of oil and gas profits while plundering the depths of our oceans through funding harmful drillships. Citi chairing the Poseidon Principles to decarbonize shipping while backing dangerous new drillships is one of the most blatant greenwashing moves we’ve seen from the bank to date,” said Hannah Saggau, Senior Climate Finance Campaigner with Stand.earth.

The release of the latest annual report by the Poseidon Principles puts further into doubt Citi’s commitment to decarbonizing shipping with its score worsening every year since 2021. Citi’s is 33% over the emissions reduction the International Maritime Organization has said needs to be met.

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