To the CEOs of the 25 major North American and European banks assessed in the Shorting the Climate report:
End your institution’s financing of the most carbon-intensive, financially risky, and environmentally destructive sectors of the fossil fuel industry: coal mining, coal power, extreme oil (tar sands, Arctic, and ultra-deepwater oil), and liquefied natural gas export.
Last December, for the first time in history, the world’s nations agreed to limit global warming to 1.5 degrees Celsius - to avoid the most catastrophic effects of climate change.
But the world’s biggest banks have been putting hundreds of billions into extreme fossil fuels, such as coal, tar sands, Arctic and ultra-deepwater oil, and liquified natural gas. These are the most financially intensive, risky, and harmful projects for people and planet - and they’re incompatible with a climate-stable world.
Banks like JPMorgan Chase, Citigroup, Deutsche Bank, and Royal Bank of Canada have financed hundreds of billions of extreme fossil fuels. In just the past three years, 25 of the world’s biggest banks sunk $307 billion into companies exposed to extreme oil - money that will ultimately sink us all.
To transition our economy, we need to pivot away from dirty energy now. Now’s the time. Let’s come together and say no to big banks pouring hundreds of billions into extreme fossil fuels.