Big Money ♥️ Big Oil
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February 14, 2023 - Extinction Rebellion, to demonstrate our love for the Earth on Valentine’s Day, carried out a peaceful, nonviolent direct action to pressure Citigroup (“Citi”) to stop investing in fossil fuel expansion. Over 80 activists leafletted, played music, and held banners to draw the public’s and bank employee’s attention to the fact that the bank is a leader in the destruction of the planet, and to use their influence to advocate from within.
Shayok Mukhopadhyay, Extinction Rebellion spokesperson, said: “We want Citi to stop funding nature-destroying projects, show leadership, and admit that the basic needs of billions of people — food, water, shelter, health — are at risk because of their actions.”
Citi is the world’s number two financier of fossil fuels (second only to JPMorgan Chase). While the International Energy Agency concluded that there can be no new oil, gas or coal development if the world is to reach net zero by 2050, Citi invested $15 billion in fossil fuel expansion in 2021. Since the 2015 Paris Climate Agreement their total investment in fossil fuels has been $285 billion.
“We don’t even know if we want to have kids!” said Elliot Braem, age 25 and his partner Danielle Dvorchak, age 25. “Not because we do not want to, but because we fear for their future and the suffering climate change will unleash.”
Citi is also the biggest funder of state-run fossil fuel projects in the Amazon. The protesters drew connections between Citi’s financing and Indigenous rights violations and biodiversity loss in the Amazon.
“What's happening right now involves everyone on earth, unfortunately and disproportionately so. Black, Indigenous, and people of color, as well as those living in low-income communities contribute to climate change the least, and end up suffering the most devastating consequences of it. They are often excluded from any conversation around solutions. So dismissing the immediate changes that are happening to our climate is dangerous and selfish.” said Annalisa Noel, age 26.
In 2022, foreign banks such as HSBC and Lloyds Bank have committed to stop financing new oil and gas fields, demonstrating that drastic changes to the energy policies of banks is possible and necessary in order to stay within the 1.5°C of global warming ascribed in the landmark 2015 Paris Agreement. US banks have yet to follow suit.
Link to photos here.
About Extinction Rebellion
Time has almost entirely run out to address the climate & ecological crisis, including the sixth mass extinction, global pollution, and abrupt, runaway climate change. Societal collapse and mass death are seen as inevitable by scientists and other credible voices if rapid action is not taken. Extinction Rebellion believes it is a citizen’s duty to rebel, using peaceful civil disobedience, when faced with criminal inactivity by their Government.
Extinction Rebellion’s key demands are:
Tell the Truth - Government must tell the truth by declaring a climate and ecological emergency, working with other institutions to communicate the urgency for change.
Act Now - Government must act now to halt biodiversity loss and reduce greenhouse gas emissions to net zero by 2025.
Beyond Politics - Government must create and be led by the decisions of a Citizens’ Assembly on climate and ecological justice.
Just Transition - Government must commit to a just transition in order to maintain a livable, just planet for all.