US banks 'sabotaging' own net zero plans by livestock financing, report claims
Source: The Guardian
Thu 4 Apr 2024 06.00 EDT
American banks are “sabotaging” their own climate commitments by financing meat, dairy and feed corporations, according to a report. The report analysed funding from 58 US banks to animal protein and feed companies in the form of loans and underwriting, such as share and bond issuance guarantees.
“Banks have committed to pathways to net zero, but they are ignoring a huge cow-shaped hole in their plans,” said Monique Mikhail, the lead author of the report and director of the agriculture and climate finance programme with Friends of the Earth, an NGO.
In emissions terms, the report links more than 24m metric tonnes of CO2 – about equal to the annual exhaust emissions from 5m cars – to animal protein and feed company financing by what it calls the “big three” livestock lenders: Bank of America, Citigroup and JPMorgan Chase.
Livestock-linked financing by all 58 banks totalled more than $134bn between 2016 and 2023, the report found, with more than half of that, about $74bn, coming from the top three financiers.
Read more: https://www.theguardian.com/environment/2024/apr/04/us-banks-sabotaging-own-net-zero-plans-by-livestock-financing-report-claims
Link to REPORT page - Bull in the Climate Shop Industrial Livestock Financing Sabotages Major U.S. Banks’ Climate Commitments
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