Next Tuesday, Citi, Wells Fargo, and Bank of America will have their annual general meetings. At these meetings, shareholders will be able to vote on resolutions to push the banks to stop financing fossil fuel expansion. This is a huge deal: no expansion would help put us in line with limiting global warming, saving millions of lives.
Continuing to finance new fossil fuel infrastructure would be a catastrophe. The world simply cannot handle the amount of greenhouse gas emissions that would result from new oil and gas reserves, pipelines, or refineries without reaching a tipping point for climate disaster.
What’s more, communities today continue to suffer because of the build out of new fossil fuel infrastructure. For example, oil and gas companies are proposing the buildout of 20 new and expanded fracked gas facilities in the Gulf Coast, a majority-Black region already known as “Cancer Alley” because of decades of carcinogenic pollution.
By continuing to finance new fossil fuel infrastructure, the big banks are destroying our communities now and in the future. BlackRock, Vanguard and State Street can help put an end to this.
In just a few days, the shareholders of Citi, Wells Fargo, and Bank of America will have an opportunity to make a massive change in how the banks do business, and get them on track to stop expanding deadly fossil fuels.
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