Scientists Urge Citi to Stop Financing Fossil Fuel Expansion
A group of scientists affiliated with universities, research organizations and nonprofits, sent an open letter to Citi CEO Jane Fraser and Board Chair John Dugan today, urging the company to stop financing new fossil fuel projects.
“The financial industry must recognize the physical harms and economic risks it is exacerbating by enabling fossil fuel expansion, and rapidly adopt new policies that align with a safer climate future,” according to the letter, which was signed by more than 750 scientists and experts and organized by the Union of Concerned Scientists (UCS).
Citing the 2024 Banking on Climate Chaos report, the scientists pointed out that Citi is the second-largest financier of fossil fuels since the adoption of the Paris Climate Agreement, having poured $396 billion into the industry since 2016.
The letter also will be hand delivered to Citi headquarters on June 12 during a “Scientists Speakout” as part of the “Summer of Heat on Wall Street” campaign taking place in New York City throughout the summer to draw attention to the banks, insurance companies and investors fueling the climate crisis. The campaign is led by Stop the Money Pipeline, New York Communities for Change, Climate Defenders, Planet Over Profit, and Climate Organizing Hub.
The letter called on Citi specifically to:
Additional UCS Resources and Analyses: