Citibank rebuffed our demands. Here’s what’s next for the Summer of Heat

We’ve been telling you about our Summer of Heat on Wall Street campaign for a few weeks now. After today’s somber and powerful Elders action, where Bill McKibben and other climate leaders were arrested, a total of 294 people have been arrested as part of our campaign demanding Wall Street banks and insurers end to fossil fuel expansion.

If you’ve been inspired by any of the actions so far -by elders, scientists, orcas, or Gulf South leaders, will you join us for our next mass action happening on SATURDAY July 27? Click here to RSVP now so we can get a head count and add you to relevant planning calls.

The largest action of the summer was the Gulf South event where nearly 1,000 people marched on Citi’s HQ and 64 people were arrested for blocking the doors. Last week, some of those same Gulf South leaders joined New York City organizers at a meeting with Citi management.

They met with the bank’s Chief Sustainability Officer, Corporate Banking Head of Corporate Transition, and the Head of Environmental, Social, Risk Management, as well as other members of the sustainability team to ask three simple questions:

  1. Will you commit to stop funding new LNG projects or any company engaging in developing new LNG?
  2. Will you commit to stop funding any company engaged in developing new coal, oil, or gas projects?
  3. Will Jane Fraser, the CEO, meet with us to hear our concerns?

Citi refused to answer any of those questions directly. But just the fact that Citi sent a big team of (to them) very important people shows that our frequent and disruptive actions are having the desired effect. Citi is already coming to the negotiating table, and while they haven’t agreed to our demands, yet, they’re clearly taking us seriously. You can also see a recap video from Marlena, one of the New York Organizers who was at the meeting, below or by clicking here.

Like most of the big banks and insurers, Citi is clinging to the fiction that their net zero by 2050 pledge is enough, and that they’re already a climate leader because of a few investments in carbon capture and other dangerous distractions. We’ve already requested additional follow up meetings between Citi and Gulf South leaders, as well as the leaders of the Summer of Heat campaign. We’re committed to giving our targets every chance to negotiate with us and define a path forward that works for people and the planet.

As recent action participant and frequent climate crisis narrator Bill McKibben often reminds us, you can’t negotiate with physics. And the facts are that Citi is still invested in fossil fuels that are making the climate crisis worse.

  1. Since 2015, Citi has given Chevron more than $2.5 billion in loans and investment, literally fueling genocide and war.
  2. Since 2021, Citi has provided $60 billion to the companies most aggressively engaging in *new* fossil fuel development
  3. Last year, Citi provided $4.3 billion to companies developing new LNG projects, like the CP2 project we’ve been fighting so hard to stop in Louisiana

So, Citi still needs to commit to ending its finance for new fossil fuel projects in general, and LNG export projects in particular. They can start their transition by phasing out funding of the worst climate villains, like Chevron and Venture Global — who are fueling not only climate chaos but genocide, war, and global destruction. And they can replace their investments in climate chaos with investments in clean energy, climate resilience and local communities.

Until then Citi remains a climate criminal, and we are committed to showing up again and again to hold them accountable as part of the Summer of Heat on Wall Street.

If you’re with us click here to RSVP for our Mass Action on July 27. All roles are needed, no experience required. Come as you are, but come now to show Citi that we’re willing to negotiate, but we’re not stopping the Summer of Heat until they make the change our climate and communities require.

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