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In recent years, big banks have announced grand climate pledges and promised to make their investments more sustainable. Today, 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, bankrolling the continued expansion of fossil fuel production, and directly undermining their own climate commitments. Now, banking giants 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 export facilities 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. It is outrageous that banks are continuing to support 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, investing billions in the LNG sector since 2016, the year the Paris Agreement was signed. 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: Tell the CEOs of the six largest US banks to stop financing new gas exports!
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Photo copyright Al Braden | Image of gas flaring in Cotulla, TX