Mikhail et al., 2024

Friends of the Earth and Profundo

U.S. banks are too indebted to industrial agricultural interests to follow through on their promised climate commitments.
Through an investigation and analysis of the “Big Three” major U.S. banks — Bank of America, Citigroup, and J.P. Morgan Chase — this report highlights how these banks are primary financiers and underwriters to corporations like ADM, Tyson, Cargill, and Nestlé.
Only a major divestment from these emission-producing corporations — and the industrial livestock industry altogether — would allow U.S. banks to credibly keep their climate commitments.
The farmed animal industry may comprise 50% of the total 1.5 degree global emissions “budget” by 2030 and 80% by 2050.
From 2016 to 2023, U.S. banks channeled $134 billion worth of loans and underwriting services to industrial livestock corporations.
Of these billions, 97% of this financing came from major creditors, and of this 97%, over 58% of funds came from the “Big Three” banks.
Richie thoughts: is this such a large amount that other banks couldn't?
Industrial animal agriculture clients represent a mere .25% of their total outstanding loans while representing 11% of their total financed emissions.
Big banks may not even be aware of their outsized contribution to climate change via industrial livestock financing, because the industry consistently underreports and obscures its GHG emissions data.