Why are New York activists targeting Citi over fossil fuel funding?

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Environmental Activists Target Citi for Funding Fossil Fuels

New York-based environmental campaigners are targeting Citigroup due to its substantial financial backing of fossil fuel industries, which they argue is a direct contribution to the escalating climate crisis. Activists have initiated a "summer of heat" campaign, employing various tactics including protests, leafleting, and online pressure to compel the bank to alter its investment policies. This campaign stems from frustration over previous unproductive discussions with the bank and highlights the significant role financial institutions play in enabling environmentally damaging projects.
Protests and Arrests at Citigroup Headquarters

Dozens of activists have been gathering weekly at Citigroup's headquarters in Lower Manhattan to voice their demands for a cessation of fossil fuel investments. These demonstrations are part of a broader effort to pressure financial institutions to align their practices with climate goals. Since the protests began, nearly 600 individuals have been arrested in New York during these actions and sit-ins. The campaign, launched in June by four core groups—Climate Organizing Hub, New York Communities for Change, Planet Over Profit, and Stop the Money Pipeline—involves numerous other organisations.
Scale of Fossil Fuel Financing by Banks

Banks globally have provided over US$6.9 trillion to support activities such as oil and gas exploration, thermal power plants, coal mines, and LNG facilities since 2016, the year the Paris Agreement was signed. In 2023 alone, the world's 60 largest banks collectively committed US$750 billion towards fossil fuel ventures. Major US financial institutions, including JP Morgan Chase, Citi, and Bank of America, are identified as leading contributors to this funding.
Citigroup's Position and Scientific Warnings

A report indicates that Citigroup ranks as the second-largest global funder of dirty energy projects between 2016 and 2023, having allocated US$396.3 billion to coal, oil, and gas initiatives. While activists assert that financial institutions possess the power to cease funding destructive projects, Citigroup maintains transparency regarding its climate activities. The bank states it is supporting the transition to a low-carbon economy through net-zero commitments and a goal of US$1 trillion in sustainable finance. However, over 750 scientists have warned Citigroup that significant emission cuts, phasing out fossil fuels, and transitioning to clean energy are imperative to avert more severe climate impacts, especially as extreme heat events are increasing globally.

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Why are New York activists targeting Citi over fossil fuel funding?

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