US banks ‘sabotaging’ own net zero plans by livestock financing, report claims

April 4, 2024
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Photo by Patrick Weissenberger, Unsplash

From The Guardian - Climate Change

Summary:

  • 24 million metric tonnes of CO2 are linked to animal protein and feed company financing by Bank of America, Citigroup, and JPMorgan Chase.
  • Livestock-linked financing totaled over $134 billion between 2016 and 2023, with $74 billion coming from the top three financiers.
  • Only 22% of meat, dairy, and feed companies disclose scope 3 emissions, hindering full transparency of their climate impact.

American banks are “sabotaging” their own climate commitments by financing meat, dairy and feed corporations, according to a report.

The report analysed funding from 58 US banks to animal protein and feed companies in the form of loans and underwriting, such as share and bond issuance guarantees.

“Banks have committed to pathways to net zero, but they are ignoring a huge cow-shaped hole in their plans,” said Monique Mikhail, the lead author of the report and director of the agriculture and climate finance programme with Friends of the Earth, an NGO.

In emissions terms, the report links more than 24m metric tonnes of CO2 – about equal to the annual exhaust emissions from 5m cars – to animal protein and feed company financing by what it calls the “big three” livestock lenders: Bank of America, Citigroup and JPMorgan Chase.

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Read the full post at The Guardian - Climate Change.

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