Citi, BofA Lead Wall Street Banks Funding Fossil-Fuel Expansion
The two banks are ahead of other members of the Net Zero Banking Alliance in their financing of oil, gas and coal clients whose business is still growing, Reclaim Finance says.
Citigroup Inc. and Bank of America Corp. have done more to support the expansion of fossil-fuel companies than any other lenders claiming to target net-zero financed emissions, according to a new analysis comparing industry pledges to action.
The Wall Street firms, which joined the Net Zero Banking Alliance when it was founded in April 2021, have since contributed at least $53 billion in combined lending and underwriting to oil, gas and coal firms whose operations are still growing, according to a study by Reclaim Finance. Citi was responsible for $31 billion of that, the French nonprofit said.