Environmental activists in New York continue their direct action campaign against Citi, one of the city’s major banking institutions, accusing them of exacerbating the climate crisis.
Angered by Citi’s financial support of polluting businesses, activists have launched a “summer of heat” campaign involving protests, leafleting, and online pressure tactics.
Weekly demonstrations have been taking place at Citigroup’s headquarters in Lower Manhattan, with demands for a change in their fossil fuel investments policy, mirroring actions taken by European campaigners against Eurozone banks.
Over 600 individuals have been arrested during the New York protests and sit-ins to date.
In June, four activist groups – Climate Organizing Hub, New York Communities for Change, Planet Over Profit, and Stop the Money Pipeline – initiated the campaign against Citi, along with numerous other organizations.
Protest organizer Jonathan Westin expressed frustration with the lack of progress in discussions with Citi and pledged to continue the campaign until the bank alters its course.
Activities such as oil and gas exploration in sensitive areas like the Arctic and the Amazon, as well as investments in thermal power plants, coal mines, and LNG facilities, have received substantial financial backing of over $6.9 trillion from banks since 2016.
In 2023, the world’s top 60 banks committed $750 billion to fossil fuel projects, with U.S. giants JP Morgan Chase, Citi, and Bank of America leading the way.
Citi has been identified as the second-largest funder of polluting energy projects globally from 2016 to 2023, allocating $396.3 billion to coal, oil, and gas, according to a report by several NGOs.
– ‘Power to stop’ –
One of the protest organizers, Renata Pumarol, emphasized that individuals possess the power to halt destructive investments and redirect funds towards environmentally-friendly alternatives.
Citi maintains that it is transparent about its climate-related activities and is working towards a low-carbon economy through commitments to net-zero emissions and a $1 trillion sustainable finance goal.
Last year was the hottest on record globally, with July of this year setting new temperature records.
More than 750 scientists cautioned Citi’s leadership in a letter that failing to reduce emissions, phase out fossil fuels, and transition to clean energy systems will lead to severe climate impacts.
Extreme heat events, including droughts, wildfires, and floods, have impacted regions worldwide, putting immense strain on healthcare, infrastructure, and ecosystems.
The UN has labeled heat as a “new epidemic,” highlighting that new oil and gas licenses are jeopardizing the planet’s future.
Financial support is a critical component enabling polluting energy projects, alongside government permits and insurance, making financiers a target for activists like Laurel Sutherlin.
Protester Laura Esther Wolfson emphasized that the fight against fossil fuel financing will be ongoing and requires sustained efforts akin to historical civil rights struggles.
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