I urge you to follow through on your commitment to reduce your exposure to coal mining by staying away from the Peabody Energy deal.
Citi is in the final stages of a $650 million deal to help rescue faltering coal giant Peabody Energy, by buying up three mines in Colorado and New Mexico containing almost a quarter-billion tons of coal. That’s despite the fact that just a few months ago, Citi made a major environmental policy commitment to step away from coal mining.
Last year, four of the six biggest U.S. banks — including Citi — adopted historic new policies to step away from coal mining. That was a major victory, but as environmentalists and human rights activists our job doesn’t stop when companies put new policies in place. We also have to watch to make sure they’re true to their commitments — and speak out when they’re on the verge of violating them.
Coal is the single dirtiest fossil fuel, and the U.S. coal industry is rightly on its last legs. Coal companies are going bankrupt, pension plans are divesting from coal, and just weeks ago the U.S. government put a moratorium on coal leasing on public lands. Peabody Energy, the largest private-sector coal company in the world, may be the next domino to fall, with its biggest lenders recommending it declare bankruptcy. So it’s casting about for a lifeline, and desperate to unload these three huge mines in Colorado and New Mexico.
Meanwhile, Citi is scavenging amidst the remains of the dying coal industry — despite their high-profile commitment to stay away from coal mining. They’re corporate vultures, and they’re endangering the climate in the process. Burning the 246 million tons of coal in these three mines would pump more than 600 gigatons of carbon into the air, turbocharging climate change just months after the U.S. joined the rest of the world in Paris and agreed to put the brakes on global warming.
Citi doing this deal would be a major blow to our climate goals. We can’t let them do it. Add your name: Tell Citi — don’t cash in on Peabody!