Tell Big Banks: Stop Funding Deadly Coal Power!

Despite their climate commitments, major banks — including financial giants JPMorgan Chase, Bank of America, Citi, Wells Fargo, Barclays, and more — have continued to finance coal power plants across the country. In the last seven years, major banks have poured $166 billion into ten of the most deadly coal utility parent companies in the US. (1)

If these banks were serious about actually tackling the climate crisis, they wouldn’t be pouring billions of dollars into the most toxic and polluting industries.

By continuing to pour money into coal, these banks are telling their shareholders, clients, and regulators they aren’t serious about meeting their own climate commitments. But we can’t let them continue to put our planet at risk with their reckless financing decisions.

1) How Major Banks Are Propping Up Deadly Coal Plants Across the US

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Continued financing for coal power is incompatible with net-zero.

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I call on your bank to deliver on its commitment to achieve net-zero financed emissions and align with the goals of the Paris Agreement by stopping financing for fossil fuel expansion and providing strong near-term, science-based emissions reduction targets. The science is clear: if we want to limit global temperature rise to 1.5°C, we must stop all new fossil fuel expansion now. Despite public climate commitments, your bank has continued to finance deadly and destructive coal power plants in the United States. Research has linked soot pollution from coal power plants in the US to thousands of premature deaths every year, and found that your bank has been financing the companies operating these plants. In order to meet your own public climate commitments and align your financing with the goals of the Paris Climate Agreement, you must strengthen your coal financing policy to: - Restrict all asset-level financing for coal power plants; - Restrict all general corporate financing (including underwriting of bonds and equities, and advisory services) for companies operating coal power plants with no firm retirement plans by 2030; - Commit to phase out all financing for coal power by 2030 for OECD countries, and by 2040 globally. Major banks around the world have a key role to play in facilitating the transition away from fossil fuels and to a cleaner, safer, and more sustainable energy economy. Without decisive and ambitious action from your bank, it will be impossible to meet our shared climate goals. Thank you for your time and consideration.

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