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Climate Change Protesters Call on US Banks to Fund Fossil Fuel Projects | Fossil Fuel Sale

Leaving their offices in Tribeca Monday afternoon, Citibank employees were confronted by a raucous crowd of people chanting and dancing to the music of a mariachi band.

It was an interesting sight: new york A banking professional in black and gray business attire comes face to face with a raucous and colorful group on a mission to join the conversation about the climate crisis.

A woman dressed as a sunflower tried to approach a Citibank employee, but her efforts were in vain. Some ignored it completely.

Climate activists flock to parts of New York, San Francisco It called on banks to enact actionable climate resolutions on the eve of the annual shareholder meeting, when key decisions about funding fossil fuels will be made.

Standing outside Citi’s New York headquarters was Siuri Gowirt of Third Act. Over 60 Protester Group Use leverage with financial companies. “As retirees, we have a lot of money at Citibank, Fidelity, Vanguard, Chase, Wells Fargo, etc. and they use our money to fund new fossil fuel projects. We are asking them to stop doing that.”

Earlier Monday, activists held a protest outside San Francisco’s Wells Fargo.

Last week’s latest report Banking to climate chaosan organization that tracks bank lending to companies in the fossil fuel industry, found that US banks have loaned more than $4.6 trillion to the fossil fuel industry since 2016. hit.

Citi, JP Morgan, Wells Fargo, and Bank of America were the worst offenders, according to the report, and by financing projects of fossil fuel companies such as Exxon Mobile, Shell, Chevron, and ConocoPhillips, the provides $1.3 trillion in

The scrutiny of ongoing financing for fossil fuel projects comes after many of these banks pledged to cut fossil fuel funding.

Climate activists protest against US bank loans to the fossil fuel industry outside Wells Fargo in San Francisco, California. Photo: Brooke Anderson

Wells Fargo’s website says: Wells Fargo is committed to coordinating our activities to support the goals of the Paris Agreement and assist in the transition to a net-zero carbon economy. “

Citi has struggled to establish its image as a climate-friendly financial institution.

A Citi representative told The Guardian: “Citi recognizes the importance of transitioning to a low-carbon economy. That is why we are investing in clean energy solutions through our net-zero commitments and our $1 trillion commitment to sustainable finance to help our fossil fuel customers. We are working with all of our customers, including ours, to support their business decarbonization journey.Our approach reflects the need for transition while continuing to meet the world’s energy needs.”

2022 Citibank “Task Force on Climate-related Financial Disclosures” Report “Citi has committed to achieving net zero emissions related to financial activities by 2050 and net zero emissions from our operations by 2030.”

and open letter In a January 2022 issue, Citibank CEO Jane Fraser wrote: That’s the easy part. As the world’s most global bank, we can drive the transition to a net-zero economy and deliver on the promises of the Paris Agreement. “

Protesters argue outside Citibank's headquarters in New York.
Protesters argue outside Citibank’s headquarters in New York. Photo: Sarah Yenesel/EPA

But activists such as those outside Citibank’s headquarters in New York say these banks are engaged in “greenwashing” or that their actions are not in favor of climate change. Citibank is now the fifth largest fossil fuel financier in the world. Royal Bank of Canada (RBC) leads. The Banking on Climate Chaos report found that $333 billion has been poured into the sector since the Paris Climate Agreement.

A member of the Extinction Rebellion was arrested in New York Monday afternoon for spray-painting phrases such as “climate criminals” on the windows of Citibank’s offices.

A member of Extinction Rebellion since 2019, Mark Graham is a former Citigroup employee and managing director for 15 years. Now he finds himself outside a towering building.

Mr Graham said: It’s a key point that you can do your best. He wants his employees to feel empowered.

“The question is, are you doing enough? The answer is no. We have to change radically.” Climate Change Protesters Call on US Banks to Fund Fossil Fuel Projects | Fossil Fuel Sale

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