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

Take Action Now!

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Tell Costco To Clean Up Its Credit Card

Sponsored by: The Fossil Free Citi Coalition

Call on Costco to drop dirty bank Citi as its credit card partner because of Citi’s role in funding catastrophic climate change.

Did you know?

Costco’s credit cards are issued by Citi – one of the dirtiest banks on the planet. Citi pumps billions into building new oil, gas, and coal projects that are creating toxic air pollution and worsening deadly fires, floods, hurricanes, and extreme heat. Since 2016, Citi has provided more than $332 billion in financing polluting fossil fuel companies, threatening our homes, our jobs and our lives. Costco is a big, popular company — more than 30% of Americans are Costco shoppers (and who doesn’t love the free samples!). Its motto is “do the right thing”, and it’s already made several climate commitments. Costco can continue to solidify its lovable brand by dropping its toxic partnership with Citi.

What Costco must do

Costco, as a huge client of Citi, can contribute to climate solutions by telling Citi if it doesn’t stop funding fossil fuels, then Costco will drop the bank as its credit card issuer. Costco should not let Citi undermine its own climate actions or harm Costco members, workers, or communities who are being devastated by climate impacts.

What you can do

Sign this petition to tell Costco that it needs to drop Citi as its credit card issuer if Citi doesn’t clean up its act.

Costco has a history of listening to its paying members and caring about its public reputation. So, let’s make sure Costco hears from members and non-members alike! By signing this petition, you will be taking a stand for a healthier future for your family, your friends and your community.

Learn more in our blog post here that includes FAQs about Why Costco, What you can do with your Costco-Citi Anywhere Visa Card, and more about this campaign.

 

Add your name to the petition to Costco’s CEO to say: Drop Citi!

Take Action Now!
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Why Costco Should Clean Up Its Citi Credit Card

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

Costco is in a pickle (and we’re not talking about free samples): they’re partnered with Citibank, one of the world’s dirtiest banks. Since 2016, Citi has funneled a staggering $332 billion into new fossil fuel investments. As the third largest retailer in the US, Costco, along with its vast membership base, is a massive client of Citi.

That’s where you come in. Sign this petition to tell Costco to drop Citi as its credit card issuer if Citi doesn’t clean up its act.

Climate-driven catastrophes are wreaking havoc worldwide with devastating consequences for communities. Even Costco’s own stores have had to evacuate due to wildfires and severe flooding. From dangerous heat waves to destructive hurricanes, climate extremes are worsening.

We all deserve a future worth living, free from climate chaos and the pollution caused by dirty fossil fuels. The giant oil, coal, and gas corporations––bankrolled by institutions like Citi––are obstructing our transition to clean, renewable energy. Big box retailers like Costco are uniquely positioned to hold the banks to account.

Costco is a beloved brand. It strives to keep prices low and recently adopted na decent climate policy. Its motto is simple but powerful, “do the right thing.”

Since our founding, Costco has operated under the guiding principle of doing the right thing – for our members, our employees, our suppliers, our communities, and the environment. We understand that when we do the right thing, good things happen.

We want Costco to do the right thing here and demand change from Citi. That’s why we’re launching the Costco: Clean Up Your Credit Card campaign, spearheaded by Third Act, Stop the Money Pipeline, Stand.earth, Climate Organizing Hub, New York Communities for Change, and other dedicated partners.

 

The Climate Problem with Costco’s Banking & Credit Card

We’ve got the receipts on Citi: Citi is the second biggest funder in the world of dirty fossil fuels, providing more than $330 billion in financing to fossil fuel companies and projects since 2016, and is the largest US funder of coal. This funding is making it possible for big oil, gas, and coal companies to keep expanding dirty, polluting projects that are contributing to relentless climate disasters. The Wall Street banks are growing even bigger from corporate cash, retail customers, and credit card profits. From credit card partners to the cash it keeps in the banks, large retailers like Costco need to take the climate impacts of its financial relationships into account and compel its banking partners to stop undermining its own climate progress..

To demonstrate the need for Costco to take into account the climate impacts of its banking, Third Act and Stop the Money Pipeline commissioned analysis of Costco’s “financial carbon footprint” by TOPO, a “think and do” tank known for its work on The Carbon Bankroll report in 2022, which revealed the hidden and substantial climate impacts of corporate finance. TOPO’s analysis estimated that the pollution stemming from Costco’s cash in the banks it uses is more than one-third of Costco’s greenhouse gas pollution from its own operations. TOPO’s analysis is based on an average across US banks and is not Citi-specific, since Costco does not disclose publicly which banks it uses, separate from its credit card partnership.

If Costco considered the emissions generated by its banking as part of its operational carbon footprint, these estimated “cash emissions”—a total of 1.53 million metric tons of planet-heating carbon dioxide—are its biggest single source of carbon pollution, even more than the emissions from all the energy used in Costco’s warehouse stores for lights, heating, refrigeration, and deliveries. This amount is equivalent to more than 340,500 gasoline-powered vehicles driven for one year, or 1.7 billion pounds of coal burned, or 3.8 gas-fired power plants operating for one year (using EPA’s Greenhouse Gas Calculator). That’s a lot of pollution!

 

The Solution: Costco, Push Citi on Climate or Else Drop Citi

Costco is one of Citi’s largest credit card clients. Citi makes a lot of money from its relationship with Costco, and you know what banks care about? Money. That’s why Costco has the power to persuade Citi to stop financing fossil fuel expansion or else to switch to a better credit card bank partner that isn’t wrecking the planet. By pushing Citi on climate or ending its credit card relationship with Citi, Costco can step up, keep its own climate promises, and compel Citi to stop funding fossil fuels.

In keeping with Costco’s existing climate policy and commitments, Costco should include the financed emissions associated with the banks it uses in its own annual reporting on its carbon footprint, just as it will report on the emissions associated with the suppliers of the products it sells. This will reflect Costco’s true carbon footprint. Lastly, Costco should include climate-friendly criteria in its requirements for how it selects its bank service providers, including credit cards.

Costco has the opportunity to be a leader among large retailers by addressing the climate impacts of its banking relationships. There are other credit card company options, and reporting a company’s complete carbon footprint will soon be required by a new law passed in California.

 

What You Can Do

We know that Costco cares about its reputation. Costco listens to its members, and Citi listens to Costco.

You can join us by signing this petition urging Costco to drop Citi as its credit card issuer if Citi doesn’t stop financing fossil fuels.

While Costco members have a special voice, anyone concerned about climate can sign the petition. To win this campaign, we will need lots and lots of people to sign. So, let’s make sure Costco hears from members and non-members alike!

There are other ways you can help too, as described in the FAQs below. Many of us like shopping at Costco—free samples, infamous cakes, bulk buys, $1.50 hot dogs—and we’d like it even more if Costco shopped for a better, cleaner, climate-friendly credit card.

Read the blog on Third Act’s website.

Check it out
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The banks fuelling the climate crisis in the Global South

Find out more about ActionAid’s groundbreaking new research into the financial flows fuelling industrial agriculture and fossil fuels – the two industries that are the largest contributors to climate change. These finance flows enable these harmful industries to expand and thrive. Meanwhile, the solutions needed to address the climate crisis remain woefully underfunded.

I’ve seen first hand the devastation extreme weather can inflict on the lives of people who did very little to cause it, and this injustice is what spurs me on as a climate activist. What angers me the most is the lack of action that world leaders and huge polluters are taking to halt this crisis.

Money continues to be pumped into harmful activities that threaten the existence of our planet and its people. This report reveals the trillions in harmful finance flowing to the Global South, fuelling the climate crisis and directly harming vulnerable communities. Above all, and crucially, it celebrates the climate heroines and heroes, the farmers and communities leading the way with agroecology and rooted resistance.

Vanessa Nakate, Activist, writes in the foreword of our new report

This flagship report of our campaign, Fund our Future, looks at the role played by major international banks in financing fossil fuels and industrial agriculture in the Global South. It also examines the current role of public financing in supporting fossil fuels and industrial agriculture, and how public finance could instead support a transition towards a more sustainable future based on renewable energy and agroecology.

  • In Part 1, we set out the context of the climate crisis to explain why system change is needed. We examine the climate impacts of fossil fuels and industrial agriculture, as well as their broader effects on the environment, gender equity and social justice.
  • Part 2 looks at financial flows to industrial agriculture and fossil fuels that are harming the planet, and evidence that finance flows for fossil fuels are still far greater than those for climate adaptation and mitigation. Private financial flows can take various forms – including bond and shareholdings by asset managers, pension funds and insurance companies. For the purposes of this report, however, we focus on bank financing, in the form of loans and underwriting. We find that bank financing for the fossil fuel industry in the 134 countries of the Global South reached an estimated US$3.2 trillion dollars since 2016 when the Paris Agreement on Climate Change was adopted. Bank financing to the largest industrial agriculture companies operating in the Global South amounted to US$370 billion over the same period.
  • Part 3 of the report examines how public finds are currently harming the public interest. We survey the financing offered to industrial agriculture and fossil fuels by state-owned banks and enterprises, development finance, public investment funds, and public subsidies.
  • Real and sustainable solutions to address global energy and food requirements already exist, which we examine in Part 4.
  • In the final section of this report, Part 5, we set out recommendations for banks and governments to support a just transition from funding the world’s destruction, to financing its hope for survival.

Read the report, share with your networks and join ActionAid on our journey to end the funding of our world’s destruction, and instead, #FundOurFuture.

Read full report on Action Aid’s website

Check it out
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Urge Citi to stop financing Amazon destruction

Sponsored by: Stand.earth

Citi executives must stop destroying Amazonia and warming our planet

Out of 160 banks, Citibank is the second highest financier of Amazon oil and gas projects – with over $1.8 billion USD worth of financing.

This fossil fuel bank has been steadily creating climate chaos all while publicly agreeing to climate commitments. Amazonia has already been forced to a tipping point due to forest destruction caused by industrial activities. The Indigenous Peoples of Amazonia are calling for an urgent protection of 80% of the region by 2025. The International Energy Agency (IEA) has already warned that there can be no new fossil fuel projects if the world is to stay within the 1.5°C limit on global warming.

We are calling on Citi to fully exit financing for Amazon oil and gas. As we enter a new era of climate chaos, it is imperative that banks stop financing oil and gas in Amazonia.

Add your name today to urge Citi to stop financing the destruction of Amazonia and the planet.

Note: Check out Stand.earth and Stand Research Group’s recent report, “Capitalizing on Collapse” to see which banks are responsible for the $20 billion USD financing of Amazon oil and gas over the past 15 years.

Add your name and tell Citi to stop financing Amazon destruction

Sign the petition!
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Tell Citi Board Chair to Stop Fueling the Climate Crisis

Sponsored by: Stand.earth

Recent extreme weather is not coincidental. They are symptoms of an escalating climate crisis that has been building for decades.

A major catalyst for this 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 doubling down on the renewables we need.

Citi and its board chair, John Dugan, are major climate offenders. Under Dugan, Citi has provided funding to companies like Exxon, Shell, Chevron, and Enbridge, who are building polluting new pipelines, oil rigs, and power plants, despite frontline resistance. These unethical investments make Citi the second largest funder of fossil fuels in the world.

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 and Dugan divest from fossil fuels for the sake of our communities — and our planet.

Send your message directly to Citi executives

Email now!
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Our children are too precious for us to give up and go home

Roishetta Ozane writes about a delegation of folks from Louisiana and Texas travelling to New York to confront Citi, one of the biggest banks backing the polluting plants in the Gulf, ahead of its annual meeting of shareholders. She writes, “We are determined to achieve a future where our children don’t have to battle these plants like we do.”

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Columbia Spectator: NYC climate activists and students protest against Citibank campus recruitment event

Sunrise Columbia, a chapter of the national climate justice organization Sunrise Movement, spearheaded the event in opposition to Citibank’s long-standing financing of fossil fuel and coal companies and its contribution to environmental harm.

 

 

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