Here in NYC with the Billionaires for Dirty Energy–the ULTIMATE Fossil Fools. Over 30 of them blockaded and locked down on Citi’s HQ this afternoon decrying Citi’s investments in the RISKY business of coal and climate.
“Coal has lost its appeal as a predictable investment; it is fraught with uncertainty,” said Billionaire, Lauren “Bring Me My Car” Valle-t, prior to being arrested by NYPD. “Bottomline, CITI is mortgaging our future and compromising their own long-term competitiveness.”
Two were arrested after they chained themselves to the doors of Citi HQ.
Even the “money handlers at the temple” have decided that coal is too RISKY to invest their money in. They hope today’s action will spread to the investment banks at Citi who spend 200 times more on dirty energy than they do on renewable energy.
Read the press release below.
25 ‘Billionaires for Dirty Energy’ Blockade Citibank Headquarters; 2 Arrested
In Celebration of ‘Fossil Fools Day’ Citi takes heat for coal financing
New York—At 12:30pm today over 25 Billionaires for Dirty Energy blockaded the main entrance of Citibank’s Upper East Side headquarters, two were arrested after chaining themselves to the front doors. After 45 minutes, police sawed the two out of their chains. 30 NYPD on the scene.
Dressed in tuxedos and top hats, Billionaires are demanding Citibank shift their large-scale investments in coal-fired power plants due to coal’s increasing investment risk. “Coal has lost its appeal as a predictable investment; it is fraught with uncertainty,” said Billionaire, Lauren Valle, prior to being arrested by NYPD. “Bottomline, CITI is mortgaging our future and compromising their own long-term competitiveness.”
Billionaires held large signs reading: “Coal=Too Risky, Citi We Want our Money Back.”
“Climate change will be a major investment theme of the future,” said Scott Parkin of Rainforest Action Network. “Citi doesn’t even have to care what global warming will do to the climate to make money by preparing.” Other notable billionaires that have turned to clean energy for their investment potential include, CEO of GE Jeffrey R. Immelt, Walmart CEO H. Lee Scott, and maverick oilman Boone Pickens.
By all accounts coal is becoming an increasingly risky investment. In the last three months alone, the federal government indefinitely suspended a loan program for new coal-fired power plants in rural areas because of uncertainty about climate change and soaring construction costs. The decision came shortly after three major Wall Street investment banks, including Citi, announced new rules requiring utilities to show that coal-plant proposals factor in the cost of future carbon regulation. In addition, the federal government yanked funding from their expensive, fantastical FutureGen plant.
In conjunction with today’s Citi event, ‘Fossil Fools Day’ activities are happening from North Dakota to New Zealand. There are over 100 actions planned including Fossil Fool award deliveries to some of the most damaging CEOs and politicians, green job rallies, protests and civil disobedience at power plants, energy companies, and banks. Actions aim to express opposition to dirty energy and show support for climate justice and corporate responsibility. Fossil Fools Day is being organized by the Energy Action Coalition and a number of international allies including the International Rising Tide Network, Rainforest Action Network, and the Canadian Youth Climate Coalition.
For more information visit, www.dirtymoney.org