To Citigroup and Bank of America,
In September 2023, your banks enabled JBS — the largest meatpacking company in the world — to issue new bonds to fund its destructive business model, making a mockery of your Net-Zero and human rights commitments.
Industrialized animal agriculture contributes 11-20% of global greenhouse gas emissions and one third of methane emissions — the most potent greenhouse gas. Therefore, it is critical to reduce livestock emissions to limit global warming to 1.5°C.
JBS is one of the worst offending livestock companies. Methane emissions from their company alone exceed the combined livestock emissions of France, Germany, Canada and New Zealand. Even though they made a high-profile pledge to reduce their greenhouse gas emissions to net-zero in 2021, independent research found that they do not have a credible transition plan.
JBS has repeatedly sourced cattle from farmers illegally grazing their cattle on Indigenous territories in the Brazilian Amazon. This is exacerbating landgrabbing and threats to Indigenous peoples. Despite being exposed and promising to clean up its supply chain, JBS was found to be sourcing illegally-grazed cattle in 2019, 2021, and 2022.
We are urgently calling on Citigroup and Bank of America to stop financing JBS due to its egregious impacts on climate, biodiversity and human rights.
Your banks must take meaningful action to align your Environment, Social and Governance policies with climate and biodiversity goals and human rights best practices. It is critical that Citigroup and Bank of America require and verify all clients and their suppliers:
1. Halt deforestation and biodiversity loss
2. Respect and prioritize Indigenous Peoples’ and Local Communities’ rights to give or withhold their Free Prior and Informed Consent
3. Stop forced labor and labor abuses
4. Align with the Paris Agreement goal of 1.5°C
5. Align with the Global Biodiversity Framework goals
Thank you for ensuring Citigroup and Bank of America do their part in enabling a just transition to a sustainable future.
Further information and references can be found here.