Credo Action

Tell American banks to divest from fossil fuels

Sign the petition

The petition to Wells Fargo, Citi, and JPMorgan Chase reads:

"Stop financing oil, gas, and coal companies. Investing in fossil fuels is killing our Earth. Be a champion of climate change."

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    Tell American banks to divest from fossil fuels

    Bank financing for fossil fuels is on the rise.

    Thirty-three banks worldwide have been funneling nearly $1.9 trillion into the fossil fuel industry since 2016. And U.S.-based banks JPMorgan Chase, Wells Fargo, and Citi are the top fossil fuel investors in the world.These banks are literally profiting off the death and destruction of our people and planet.1

    To break the hold the fossil fuel industry has on our economy, we must use our power as customers and consumers to force big banks to divest. Divestment is one of the best tactics to fight against climate change. Will you add your name?

    Tell American banks: Divest from fossil fuels now.

    Fossil fuel production has surged over the past few years thanks to big oil and gas companies tightening their reins on U.S. politicians. In 2018, lobbying for oil and gas reached an all-time high of $124 million – all spent getting our elected officials to act against our best interests and scientists' warnings that we need to cut out fossil fuels right now to avert a climate disaster.2,3

    Banks who put money into fossil fuels are only stoking the fire. And worse, they are hypocrites who claim to care about the climate crisis. Recently, Wells Fargo committed to $200 billion in financing for projects that are focused on the low-carbon economy. And in 2017, the bank invested $12 billion in sustainable businesses. Citi and Chase have all made similar commitments, but continue to invest up to four times more in fossil fuel than sustainable energy businesses.

    Fossil fuels are non-renewable and economically unstable. In fact, with the shift in societal thinking around climate, it's becoming harder for the industry to make money.4 Without the support of banks, the fossil fuel industry would collapse. Banks can set the speed of how we take on climate change. We must use our power to force U.S. based banks like Wells Fargo, Citi, and Chase to do better for our Earth and divest from fossil fuels.

    Tell American banks: Divest from fossil fuels now.

    Thanks for fighting back.

    References:

    1. Marisa Endicott, "US Banks Pledged to Fund Renewable Energy, But They Still Spend Way More on Fossil Fuels," Mother Jones, Mar. 28, 2019.
    2. U.S. Energy Information Administration, "EIA expects total U.S. fossil fuel production to reach record levels in 2018 and 2019," Jan. 18, 2018.
    3. Opensecrets.org, "Oil & Gas, Industry Profile: Summary, 2018" March 19, 2019.
    4. Mark Schapiro, "It’s Getting Harder for Oil Companies to Make Money. Here’s Why." Mother Jones, Sep. 29, 2015.