Tell Bank of America to stop financing fossil fuel expansion now

Since the Paris Agreement, Bank of America has poured over $232 billion into fossil fuels. As BofA's #1 fossil fuel client, $15.3B of it has gone directly into ExxonMobil's pockets. The corporate greed at the expense of people and planet must end.

Send an email to BofA CEO Brian Moynihan telling him that BofA needs to end their financing of fossil fuel expansion NOW and hold their fossil fuel clients accountable in a just energy transition.

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CEO

Brian T.

Moynihan

Bank of America

Brian T. Moynihan,

According to the Intergovernmental Panel on Climate Change (IPCC)’s special report on 1.5°C, we have less than ten years to halve emissions in order to stave off the worst effects of the climate crisis. Given this urgency, it is unacceptable that Bank of America is continuing to pour hundreds of billions of dollars into dirty fossil fuel projects and companies, a total of $232 billion in the last 6 years alone.

Your bank remains one of the world’s biggest bankers of fossil fuels, and we have a set of clear demands for you:

- Immediately end support for expansion of fossil fuels, because potential emissions from oil, gas and coal reserves already in production more than exhaust a 2°C carbon budget, let alone 1.5°C; 
- Phase out support for fossil fuels, starting immediately, on a 1.5°C-aligned timeline; 
- End support for deforestation, across all forest-risk commodities; and
- Immediately end support for projects and companies that are implicated in environmental injustice and/or abuses of human rights, especially Indigenous rights.

These criteria should be incorporated into the bank’s requirements for its corporate clients: Bank of America should not provide another dollar to any company that is expanding fossil fuels. Not a dollar more should go to any company that is not committed to a just transition to a 100% renewable economy.

These are necessary steps for aligning Bank of America with a world in which climate change is limited to 1.5°C and human rights are fully respected.

Judged against this benchmark, Bank of America’s recent 2030 targets are clearly inadequate. They rely on carbon intensity metrics that don't stop expansion of fossil fuels and still support increases in absolute emissions, during the most important decade of our lifetimes to stop the worst harms form climate chaos. We need to cut absolute emissions in half and cannot continue to support expansion.

We are now in the decisive decade for the climate, and we need to see meaningful policies NOW.

Kind regards,
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