Today, members of RAN’s Global Finance team were in New York, meeting with Citi bank to discuss their commitment to environmental concerns. Our big question of the day? If Citigroup (which officially and formally changed its name to ‘Citi’ yesterday) is truly sincere about being an active, responsible leader in helping prevent climate change – why are they still funding TXU’s proposal to spew 78 million tons of C02 annually into our atmosphere?
You remember TXU don’t you – the Texas corporation that is bent on becoming the LARGEST corporate emitter of greenhouse gases?
Apparently TXU (or Citi) hasn’t read the Stern Report by the British government outlining the massive economic costs of ignoring global warming. Or the International Panel on Climate Change Report released by the UN last week showing consensus on the seriousness and immediate action needed regarding climate change.
This past weekend, over 3,000 people gathered in Austin Texas to send a strong message to TXU, legislators, and the public that TXU’s proposal is a bad, bad idea. In 2 weeks, RAN is co-sponsoring a Climate Justice Action Camp in Texas to help train and educate over 200 grassroots organizers from across the country – and further build grassroots pressure against TXU and the banks funding the destruction of our climate. Feb 21st we have grassroots actions happening across the country working to get Merrill Lynch to stop funding TXU. And then on April 13th we are collaborating with Step It Up (The largest mobilization regarding climate change in history) to make sure the banks know that TXU is a disaster – for all of us.
So the meeting with Citi today? Many of you may remember a few years back when RAN launched an ambitious campaign to get Citi to stop funding environmentally destructive projects – and to develop an investment policy that would lead the financial sector in responsible, ecological lending practices. After years of campaigning and lots of grassroots pressure – Citi devised such a policy. But for some reason they are still acting as the lead financial arranger of the TXU proposal – and their current policy doesn’t address climate change in their investments.
So, we’re back at the table with the executives at Citi. Will they do the right thing and join the world-wide movement to confront the climate crisis? Or will they ignore the overwhelming chorus from nearly all of civil society and help TXU keep us (and our children and our grandchildren) hooked on destructive, dirty coal technology for the next 50 years?
Click here to send an email to Citi CEO Chuck Prince and let him know that we are watching and waiting for Citi to make the right choice. Don’t let us down Chuck –
NO TO TXU AND NO TO NEW COAL!