Bankrolling the Climate Crisis

Tell Big Banks to Fund People & Planet, Not Climate Chaos

The world’s 60 largest banks have invested $5.5 trillion into fossil-fuel financing, including expansion projects, oil and gas drilling, and coal mining.

The world is at a crossroads. The Intergovernmental Panel on Climate Change has issued a "final warning" that we must stop burning fossil fuels if we hope to hold global warming to no more than 1.5°C.

Yet, since the 2015 Paris Climate Agreement, the world's 60 largest banks have invested $5.5 trillion into fossil-fuel financing, including expansion projects, oil and gas drilling, and coal mining. JPMorgan Chase, Citi, Wells Fargo, and Bank of America - the Big 4 banks - have collectively invested $1.37 trillion, or 25%, of all fossil-fuel financing worldwide since 2015.

It's time to hold them accountable. Join us in calling on the Big 4 banks to fund people and planet, not climate chaos. Sign our action urging the Big 4 banks to end all finance for fossil fuel expansion immediately, set emissions reduction targets, require all fossil fuel clients to adopt robust transition plans, and protect human rights and Indigenous People's rights.

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Tell Big Banks: Stop Bankrolling Climate Change

Dear board members, executives, and officers of JPMorgan Chase, Citi, Wells Fargo, and Bank of America, 


The 2015 Paris Climate Agreement was considered a historic breakthrough in putting the world on a trajectory to limit global warming to no more than 1.5°C, the level scientists say is required to prevent irreversible climate chaos. 
 
Yet since the Paris Agreement, your institutions have plowed $1.37 trillion into fossil-fuel financing, including expansion projects, tar sands oil, Arctic and Amazon oil and gas, offshore drilling, fracking, liquified natural gas, and coal mining, according to the 2023 Banking on Climate Chaos report.  

Your institutions are propping up corporations like ExxonMobil, Saudi Aramco, Chevron, BP, Shell, and ConocoPhillips, which is driving the disastrous Willow oil-drilling project in the Arctic – even as the fossil-fuel industry made a record $4 trillion in profits in 2022 due to high energy prices from the war in Ukraine. 

This has to stop. We demand that your institutions fund people and planet, not climate chaos. 

This spring, the Intergovernmental Panel on Climate Change delivered its sixth Synthesis Report, a “final warning” that the world must stop expanding fossil-fuel production if we want a chance of a livable planet. That means no new oil and gas fields, no new coal mines, no new or expanded oil and gas pipelines, no new LNG terminals, and no new coal-fired power plants.  

Big banks – including JPMorgan Chase, Citi, Wells Fargo, and Bank of America – must align their financing with a 1.5°C pathway and enable a fair and just transition to an equitable and sustainable economy. All four of your banks are members of the Net Zero Banking Alliance, yet your actions fall far short of achieving these goals.
 
We demand that your institutions: 

-End all finance for fossil fuel expansion immediately. 

-Set emissions reduction targets for 2025 and 2030, with zero emissions by 2050 at the latest, based on absolute emissions reductions, not carbon offsets. 

-Require all fossil fuel clients to adopt robust transition plans aligned with a 1.5°C pathway. 

-Protect human rights and Indigenous People’s rights, including Free, Prior, and Informed consent. 

-Scale up financing for a just and fair transition to local and distributed clean energy. 

We will be watching not just your words, but your actions in building an equitable and sustainable economy. And we will take our own action to choose banks and credit unions that align with our values.