Over a week ago, Citi, Bank of America, and Wells Fargo released statements ahead of their annual general meetings encouraging shareholders to vote against climate and Indigenous rights resolutions. These statements contain spurious, misleading, and greenwashing claims about the institutions’ existing climate commitments and their relationships with the oil and gas industry.
No North American bank has announced climate plans that are in line with the scientific consensus of what’s needed to keep global warming below 1.5℃. According to the latest IPCC report, in order to avoid the worst impacts of the climate crisis, investment in new fossil fuel supply needs to stop.
By financing fossil fuel expansion, banks are creating a financially dangerous carbon bubble, over-valuing their investments in new fossil fuel reserves that will, one way or another, not make it to market. According to economic forecasters, when this carbon bubble bursts, it could cause a financial crisis much larger than the 2008 Great Recession.
Despite these clear warnings, the seven largest North American banks – JP Morgan Chase, Citigroup, Bank of America, Wells Fargo, Morgan Stanley, Goldman Sachs, and Royal Bank of Canada – have provided nearly $500 billion to the corporations most aggressively expanding fossil fuels since the Paris Agreement was adopted in 2015.
At the same time, these banks claim in their proxy statements that their climate strategy is to invest in green energy, yet on average, a mere seven percent of bank financing to the energy sector went to renewables between 2016 and 2022.
In solidarity,
– Arielle Swernoff, Stop the Money Pipeline
Sent via ActionNetwork.org. To update your email address, change your name or address, or to stop receiving emails from Stop The Money Pipeline, please click here.
This website uses cookies to provide and improve its services. By continuing to use this website, you consent to our use of cookies. If you do not consent, please view our Cookie Policy for more information.Dismiss
.png)
