Bank of America is Bankrolling the Climate Crisis & Human Rights Violations

Less than 7 years — that’s how long the top scientists from the IPCC told us we have to cut global fossil fuel use in half if we have any chance of keeping our climate from overheating past the 1.5°C danger zone. We’re already experiencing the hottest summer on record, crop failures, and seemingly endless climate disasters at just 1.2°C. Without rapid action, we’re on course to surpass 2°C or more — with devastating consequences for all of us.

Fossil fuel infrastructure has deadly effects on local communities, and disproportionately so on communities of color, while extraction and pipeline projects often displace or harm lives and livelihoods around the world.

Despite knowing these impacts for years, Bank of America (BofA) has continued to bankroll fossil fuel companies to the tune of over $279 BILLION since the Paris Agreement, with over $37 billion in 2022 alone.

Our climate & communities can’t afford any new fossil fuel projects—BofA is financing expansion anyway

Bank of America is the 3rd largest funder of fossil fuel expansion, pouring over $87 billion into the worst fossil fuel-expanding companies, making them deeply complicit in human rights violations. UN human rights experts recently warned the world’s largest oil company and its bankers (BofA is one) that financing new fossil fuels may be a breach of human rights law.

“No new natural gas fields are needed in the Net Zero Emissions by 2050 Scenario beyond those already under development. Also not needed are many of the LNG liquefaction facilities currently under construction or at the planning stage.” – International Energy Agency special report ‘Net Zero by 2050: A Roadmap for the Global Energy Sector’

Methane gas or LNG (and what the fossil fuel industry greenwashes as “liquefied natural gas”) is a climate super pollutant and the fastest-growing fossil fuel sector in the world. Right now, there’s a massive concentration of 25+ new methane gas export terminals slated for the US Gulf Coast alone. BofA has financed over $7 billion to the world’s worst methane gas-expanding companies, including ones behind projects like the Mountain Valley Pipeline, Coastal Gaslink Pipeline, Port Arthur LNG, and Plaquemines LNG export terminal in Southeast Louisiana.

Bank of America CAN & MUST Defund Climate Chaos & Defend Human Rights

Big banks like Bank of America can’t continue to hide behind empty promises, corporate lies, and flimsy loopholes. We have a clear set of demands for how they can clean up their act:

  1. Prohibit all finance for fossil fuel expansion immediately
  2. Adopt absolute financed emissions reduction targets
  3. Require robust transition plans from all existing fossil fuel clients
  4. Establish zero-tolerance policies and due diligence mechanisms to protect Indigenous Peoples and human rights
  5. Scale up financing for a just & fair transition

Here’s the thing: Banks are capable of changing course and have. We’ve seen massive corporations and banks shift gears to projects that put people and planet over profit. Not only can Bank of America do it, but this is what needs to be done to ensure a livable future.

How YOU Can Take Action Against BofA

Sign our petition demanding BofA stop financing toxic and volatile methane gas.

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