— Work at Citi? Join dozens of your colleagues who are confidentially speaking out against Citi’s ongoing funding of the fossil fuel industry. Email confidential@bankonourfuture.org —
If you work at Citi you’ll probably know the bank last week faced protests across the world. If you work at the bank’s New York headquarters, you might have even found yourself temporarily locked out two days in a row due to protesters blocking the doors.
These protests were peaceful but had a very important message: Citi is not telling the truth about its role in the climate crisis.
Malevolent mates
Citi is the second biggest funder of oil, gas and coal in the world, pumping in over $332 billion between 2016 and 2022. A look at what Citi funds will trouble even the sceptics:
- Exxon Mobil is Citi’s biggest fossil fuel customer, receiving over $15 billion between 2016-2022. Yes, that’s the same Exxon which knew about climate change for decades and covered it up
- Saudi Aramco, the world’s biggest oil producer, has received over $6 billion from Citi and won the bank of the dubious honor of being named in a UN complaint over human rights linked to climate change
- Enbridge has received over $5 billion from Citi, and got the bank into trouble with investor nuns over enabling the pipeline company to push through projects opposed by Indigenous communities
- Citi funds liquified methane gas (LNG) terminals in Texas and Louisiana in areas of predominantly Black, Indigenous and low income communities. Studies show living close to LNG terminals increases the risk of childhood cancers
Ghastly greenwashing
The problem with Citi is that it wants its investors, customers and employees to think it’s one of the good guys. It wants us all to believe it really digs climate action.
That’s why folks last week were so adamant that Citi must be held to account: no more greenwashing about sustainability when it’s funding companies like Petroperú, involved in oil spills in the Amazon; no more digital billboards outside the New York HQ about plastic bottle recycling while it is one of the biggest funders of the plastics industry in the world.
Leader or laggard?
The truth is if Citi stopped funding new oil, gas and coal and switched instead to backing renewables projects it could become a champion of the energy transition the world needs. Citi could become a leader instead of a laggard on climate.
So it’s up to Citi: stop the greenwashing and the funding for new oil and gas. Or face further protests that disrupt operations.
Citi employees are getting in touch and sharing concerns about the direction the bank is going. Speak confidentially now. Email confidential@bankonourfuture.org