US Banks Under Fire for Funding Fossil Fuels and Facing Pressure to Cut Ties with ESG Watchdogs

Climate activists protested outside US banks, including Citibank and Wells Fargo, demanding that they enact actionable climate resolutions on the eve of their annual shareholders meetings. The latest report from Banking on Climate Chaos found that US banks had loaned over $4.6tn to the fossil fuel industry since 2016, with Citibank, JP Morgan, Wells Fargo, and Bank of America being the worst offenders. Despite promises to cut back on fossil fuel funding, these banks continue to finance projects for companies such as ExxonMobile, Shell, Chevron, or ConocoPhillips. Protesters accuse these banks of "greenwashing" and engaging in climate hypocrisy.