All six major US banks (JPMorgan Chase, Citi, Wells Fargo, Bank of America, Morgan Stanley, and Goldman Sachs) have committed to net-zero emissions by 2050. But despite their promises, these Wall Street giants have continued to pour billions of dollars into destructive fossil fuels, directly undermining their own climate commitments. Now, big banks have their eyes on the Gulf Coast.
The Gulf Coast is ground zero for fossil fuel expansion in the United States. More than 20 new and expanded fracked gas export facilities, known as LNG, are currently proposed to liquefy and ship fracked gas from Texas and Louisiana to foreign markets. If built, these projects would lock in fossil fuel production for decades to come and exacerbate harm to Gulf Coast communities already facing disproportionate pollution from the fossil fuel industry and the impacts of climate change. Banks should not be supporting fossil fuel expansion, especially in a region that already faces the increasing burdens of climate disasters, and where communities have dealt with decades of environmental racism and toxic pollution.
All six US banking giants are among the top LNG financiers in the world, directly enabling the destruction of communities and ecosystems along the Gulf. But the science is clear -- if we want to meet our goal of limiting global temperature rise to below 1.5 degrees, all remaining fossil fuel reserves must stay in the ground. It's time for banks to follow through on their climate commitments, and stop bankrolling destructive LNG projects and other fossil fuels.
Take action and be sure to leave a short personal message for a greater impact: Tell the CEOs of the six largest US banks to stop financing new gas exports!