Last year, every major US bank committed to achieving “net zero emissions by 2050.” But those same banks are continuing to fund the expansion of the fossil fuel industry.
One of the most egregious examples of fossil fuel expansion is happening in St. James, Louisiana, where Formosa Plastics is trying to build a massive new petrochemical complex on the banks of the Mississippi River.
This African-American community in St. James has already been sickened by industrial polluters. The region is often referred to as “Cancer Alley” because of the elevated rates of cancer in the area ― and a massive new plastics plant will only further pollute the air and sicken communities.
Formosa plastics’ plant would produce the same air pollution as three new coal plants. To make matters even worse, Formosa is planning on building the site just one mile from an elementary school. The fact that the school is attended by mostly Black students is just one reason that the United Nations has denounced this as an environmentally racist project.
Bank of America is Formosa Plastics’ most important US bank. It has already helped the company sell $1 billion in bonds, and is the bank most likely to finance Formosa’s giant new petrochemical complex. What’s more, if Bank of America rules out funding this toxic project, other banks could follow.
Working with partners at Stop the Money Pipeline and our friends at Rise St. James, we’ll make sure that this petition gets delivered to the top executives at Bank of America next week ― take a second to add your voice and demand that Bank of America denounce environmental racism and does not fund the Formosa Plastics Plant.