Mikhail et al., 2024
https://foe.org/wp-content/uploads/2024/04/Bull-in-the-Climate-Shop_FR_FINAL.pdf
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.