In New York, a wave of activism has intensified against Citigroup, one of the city’s leading financial institutions. Campaigners accuse the bank of exacerbating the climate crisis. The “Summer of Heat” campaign, spearheaded by four activist groups, has seen a series of protests, leafleting efforts, and an online pressure campaign compelling Citi to revise its fossil fuel investment policies.
Since June, the Climate Organizing Hub, New York Communities for Change, Planet Over Profit, and Stop the Money Pipeline have orchestrated frequent demonstrations at Citigroup’s headquarters in Lower Manhattan. Nearly 600 individuals have been arrested during these protests and sit-ins, underscoring the campaign’s intensity.
One of the protest organizers, Jonathan Westin, expressed frustration with previous dialogues with Citi, 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.” This sentiment reflects the campaign’s determination to confront the financial giant directly.
The crux of the activists’ critique lies in Citi’s substantial financing of fossil fuel projects. According to a report by NGOs, including Rainforest Action Network and Reclaim Finance, banks globally have allocated over $6.9 trillion to oil and gas exploration, thermal power plants, coal mines, and LNG projects since the Paris Agreement was signed in 2016. In 2023 alone, the world’s 60 largest banks committed $750 billion to fossil fuels, with Citi identified as the second-largest financier of such projects, investing $396.3 billion in coal, oil, and gas.
“Citi is the second worst funder of dirty energy projects in the world from 2016 to 2023,” the report claims. Protester Renata Pumarol emphasized, “These are the people that have the power to stop... and make investments in things that are not destroying our planet.”
In defense, Citigroup asserts its commitment to transitioning to a low-carbon economy. The bank claims to be transparent about its climate-related activities and has set ambitious sustainability targets, including a $1 trillion goal for sustainable finance by 2030. Citi maintains that it supports the global shift towards cleaner energy and aims to achieve net zero emissions by 2050.
However, critics argue that Citi’s support for fossil fuel projects, especially in ecologically sensitive areas like the Amazon, undermines its sustainability pledges. A recent letter from over 750 scientists warned of worsening climate impacts if deep cuts to emissions are not implemented urgently.
The protests against Citi reflect a broader movement targeting financial institutions that fund environmentally harmful projects. As climate-related extreme weather events become increasingly severe, such as last year’s record-breaking global temperatures and the ongoing heatwaves of 2024, pressure mounts on banks to align their investment strategies with climate goals.
Laurel Sutherlin, another campaigner, highlighted the crucial role of financial institutions, stating, “Finance is one of the planks underpinning polluting energy alongside government permits and insurance to guarantee the projects. Without any one of those pieces, it can't proceed. And so that's why we're going after the financiers.”
The campaign underscores the growing tension between financial practices and environmental sustainability, emphasizing the need for financial institutions to balance economic interests with their environmental responsibilities.
