Citigroup: Difference between revisions
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=== Amazon Oil Companies === | === Amazon Oil Companies === | ||
<blockquote>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.</blockquote> <Ref>https://stand.earth/press-releases/citigroup-agm-bank-called-out-for-amazon-oil-financing/</Ref> | |||
== Sources == | == Sources == | ||
Revision as of 20:42, 29 December 2022
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 these talks and vowed to take what they learned into the future when financing fossil fuel projects to respect Indigenous sovereignty. [2]
Amazon Oil Companies
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.