Citigroup
Investment In Fossil Fuels
From 2016 to 2021 Citi has financed 285 billion dollars into fossil fuel projects second only to JPMorgan Chase. [1]
Dakota Access Pipeline
Citi was one of 17 banks who helped finance the Dakota Access Pipeline. Citi met with the Standing Rock Nation to discuss the potential impacts of the pipeline and claimed to have learned a lot from the talks vowing to take what they learned into the future when financing fossil fuel projects to respect Indigenous sovereignty. [2]
Amazon Oil Companies
Citi is one of the main foreign financiers for the expansion of oil and gas production in the Amazon Rain forest.
With the Amazon rainforest at the tipping point of ecological collapse, Citigroup’s lack of an exclusion policy and exit strategy on Amazon oil and gas presents a significant reputational risk. Its financing has been instrumental in the build-out of oil drilling and infrastructure in critical rainforest areas and Indigenous territories. Its investments have long-term impacts and have supported the expansion of oil production, in many cases despite strong opposition from Indigenous communities. Citigroup is one of the top foreign banks financing state-owned oil companies operating in the Amazon. Its clients include Petrobras in Brazil, EcoPetrol in Colombia, PetroAmazonas/Petroecuador in Ecuador, and PetroPeru in Peru.
The continued financing of fossil fuel extraction/ production in the Amazon shows that Citigroup is not dedicated to its commitment of respecting Indigenous sovereignty or reducing fossil fuel financing.