Last year, Bank of America committed to achieving “net zero emissions by 2050.” And earlier this month, they announced 2030 targets to reduce the emissions “intensity” from its investments.
But the truth is that between 2016 and 2021, Bank of America provided $232 billion in lending and underwriting to the fossil fuel industry. That makes them the fourth biggest US bank investing in climate chaos and pollution. And their new “intensity-only” targets, and “net zero” pledges lag well behind U.S. and global best practice.
More than 100,000 of us already signed on to a petition demanding that Bank of America stop investing in one of the most egregious examples: the Formosa Plastics Plant in St James Parish, Louisiana. On April 26, Bank of America is holding their annual shareholder meeting online – and they will hear from Sharon Levigne of Rise St James about why it’s time to divest from fossil fuels and plastics, and denounce environmental racism. We’re rallying outside Bank of America’s headquarters in Charlotte, just as the meeting ends, to back up those demands. Can you join us?
The science is clear that achieving net-zero financed emissions by 2050 means stopping funding for the expansion of fossil fuels. Bank of America’s weak commitments to reduce pollution intensity while increasing financing for the fossil fuel industry and plastics is utterly insufficient to achieve that target and contribute to a climate-stable future.
Formosa Plastics’ proposed petrochemical complex in Louisiana would add 10 chemical manufacturing plants to 150 oil refineries, plastics and chemical facilities along the infamous “Cancer Alley”. Cancer rates in St James Parish are already 50 times the national average. If Bank of America greenlights financial support for Formosa Plastics’ Louisiana operations, it could be a death sentence for the local community, and game-over for our climate too.
Together, we’ll put pressure on Bank of America shareholders before their meeting to stop this immoral project and others like it on April 26. Some Board members are already resistant to building new oil/gas/plastics infrastructure. We’ll get a report from inside the Shareholder meeting, and hear from inspiring leaders fighting for environmental and climate justice.