Climate activists and communities affected by oil and gas projects are continuing a sit-in at Citi’s headquarters in New York ahead of the bank’s annual shareholders’ meeting, where it faces tough resolutions on its funding of fossil fuels
Prior to the sit-in, seven Extinction Rebellion activists were arrested for spraying “No New Oil” and “Climate Criminals” on the windows of one Bank of America and three Citi branches. At the headquarters a rally was held ahead of the sit-in with speakers from Texas and Louisiana attending, where communities of predominantly Black, Indigenous and people of color are opposing Citi-backed methane gas (LNG) projects. Coordinated rallies will also take place at Wells Fargo and Bank of America’s headquarters today in San Francisco and Charlotte ahead of shareholder meetings tomorrow.
Citi faces two shareholder resolutions tomorrow aimed at holding the bank to account on commitments on climate and Indigenous rights.
Citi provoked a fight in recent weeks with an order of nuns who filed a resolution on the impact of Citi’s fossil fuel funding on Indigenous communities. The Sisters of St Joseph of Peace responded to Citi’s proxy statement that references in their resolution were “untrue” by filing a reply at the Securities and Exchange Commission, warning shareholders that Citi was trying to “to minimize its role” in projects which are opposed by Indigenous communities. The same resolution won over 33% of shareholders support last year. Despite this, Citi after the vote pumped $1.2 billion into Enbridge, one of the company’s cited in the resolution.
A climate resolution demands a time bound phase out of Citi’s lending and underwriting to projects and companies developing new fossil fuel projects.
Citi is under pressure after fresh data showed it is the second biggest fossil fuel funder in the world, pumping $333 billion into the sector since 2016. The data shows the bank is the biggest US funder of coal and a major funder of oil & gas development in the Arctic and the Amazon. Citi has also pumped billions into expansion of methane gas (LNG), fracked and offshore oil & gas explorations.
Citi pumped over $800 million into ConocoPhillips, the company involved in the Willow oil drilling project in Alaska. It has funded controversial methane gas (LNG) projects in Texas and Louisiana, which the local communities oppose, including a new project announced just last month.
Other global banks have made major policy changes: HSBC in December announced it was ending funding for new fossil fuel projects while Danske Bank this year said it would stop financing oil and gas projects and corporate financing.
Quotes
Mary Mijares, Fossil Finance Campaigner at Amazon Watch said:
“Last year, Indigenous leaders from the Peruvian Amazon met face-to-face with Citi’s leadership to talk about the devastation they face at the hands of Citi-financed oil company, Petroperú. However, Citi has failed to address leaders’ demands to stop financing the company and extractive projects that destroy their homes. This AGM season, shareholders must hold Citi accountable for its actions and prioritize Indigenous rights, or risk irreversible harm to communities and the environment.”
Roishetta Ozane, founder of the environmental justice group Vessel Project of Louisiana, said she travelled to New York so Citi could not turn away from the destruction it is funding in the Gulf South.
“In south west Louisiana we feel like we are the dumping ground for harmful methane gas and chemical projects. We have been made into a sacrifice. I have six kids and I worry constantly about their futures knowing what is being pumped into the air and knowing how climate change is already affecting our community through flooding. Banks like Citi are funding this crisis and this must stop,” she said.
Alice Hu from New York Communities for Change which is organizing the New York sit-in at Citi’s headquarters said:
“Our aim is to disrupt the banks as much as we can today to give them a glimpse of the destruction people are experiencing because of climate change. Citi likes to say verbally that they are funding the energy transition but in reality it’s business as usual: pumping money into harmful emissions that are linked to extreme weather events.”
“It doesn’t matter if your office is in a “green” building. It doesn’t even matter if you are investing in renewables if you are still funding new oil, coal, and gas projects. Humanity cannot afford to lock in new emission sources. Your investors and clients cannot afford these stranded assets. The mortgage crisis will pale in comparison to the one you’re now funding. And there are no bailouts in a 1.5 degree world.”
Sister Susan Francois, Treasurer of the Sisters of St. Joseph of Peace:
“Investors are calling on Citigroup to address the impacts of its financing activities on Indigenous peoples. Projects like Enbridge Line 3 and Line 5 expose Citigroup and its investors to material risk including reputational damage, project delays and disruptions, litigation, and criminal charges. Pope Francis has called on the Church to hear the call of the Earth and the call of the poor and we urge Citi’s investors to use their power to make a difference at this critical time for the planet.”
Richard Brooks, climate finance director at Stand.Earth:
“This year, Citibank can expect a shareholder showdown on climate and Indigenous rights. Investors must look at the evidence: Citi is one of the world’s major obstacles for meeting climate targets. Citi claims it is a climate leader, but only leads when it comes to funding fossil-fueled climate chaos. Citibank must wean off its addiction to fossil fuels, and redirect investment to renewables instead.
Investors must hold Citi accountable for the bank’s Indigenous rights violations – from the US to the Amazon. Citi funds billions for companies building toxic and unnecessary fossil fuel projects, without the consent of Indigenous communities, a violation of UN-mandated rights. Citi is willfully ignoring investors and the risk posed to their investments.”
Last month the latest climate report by the Intergovernmental Panel on Climate Change warned there is a “rapidly closing window of opportunity” to address the growing crisis of rising global temperatures.
Fossil fuel projects and companies backed by banks are responsible for harmful emissions that scientists have linked to extreme weather events which have caused death and destruction.
As well as funding controversial projects in the US, the major banks fund destructive projects globally.
Citi is the second largest methane gas financier in the world, it is the biggest funder of fossil fuel expansion in Africa, the largest backer of state-run projects in the Amazon and was found to have been involved in a deal in Peru which allegedly involved oil spills and links to terrorist groups.
Wells Fargo is the number one fracked oil and gas financier in the world while Bank of America is a major funder behind Arctic fossil fuel operations and expansion.
