Activists Intensify Campaign Against Citi in New York
Environmental advocates in New York have ramped up their direct action against Citi, one of the city’s major banking institutions, accusing it of exacerbating the climate crisis. Frustrated by Citi’s financial support for polluting industries, activists have launched a “summer of heat” campaign featuring protests, leaflet distribution, and an online pressure initiative.
Every week, numerous demonstrators gather outside Citigroup’s impressive headquarters in Lower Manhattan, demanding a revision of its fossil fuel investment policies. Their efforts echo those of European activists who targeted major banking entities in the Eurozone.
Since the inception of these protests, nearly 600 individuals have been arrested during various demonstrations and sit-ins. In June, four activist organizations—Climate Organizing Hub, New York Communities for Change, Planet Over Profit, and Stop the Money Pipeline—joined forces to initiate this campaign against Citi, collaborating with many other groups.
Protest organizer Jonathan Westin expressed frustration with the lack of progress in discussions with the bank, stating, “We met with them for years, and you just felt like we were getting nowhere. We felt like we had to bring it to their doorstep.”
Since 2016, banks have provided over $6.9 trillion to oil and gas exploration in locations such as the Arctic, the Amazon, and seabed areas, in addition to thermal power plants, coal mines, and LNG facilities. This funding trend emerged in the same year that the Paris Agreement was signed, aiming to limit global warming to below 1.5 degrees Celsius.
In 2023, the world’s 60 largest banks pledged $750 billion to fossil fuel projects, as reported by NGOs including Rainforest Action Network and Reclaim Finance. Notably, U.S. financial giants JP Morgan Chase, Citi, and Bank of America are among the leading contributors to these investments.
The report highlights that “Citi is the second worst funder of dirty energy projects in the world from 2016 to 2023, allocating a total of $396.3 billion towards coal, oil, and gas.” In response, Citi maintains that it is “transparent about our climate-related activities,” emphasizing its commitment to a low-carbon economy and a goal of $1 trillion in sustainable finance.
A letter signed by over 750 scientists urged Citi’s leadership, warning that “climate impacts will be significantly worse if we do not make deep, rapid cuts to heat-trapping emissions, phase out fossil fuels, and pursue a just transition to a clean energy system.”
Extreme heat events, including droughts, wildfires, and floods, have affected nearly every region of the world, causing significant disruption to healthcare, infrastructure, and ecosystems. The United Nations has labeled heat as a “new epidemic,” cautioning that new oil and gas licenses threaten the planet’s future. Financial investments play a critical role in supporting polluting energy sources, alongside governmental permits and insurance that back these projects.
