Despite mounting public opposition from a broad coalition of Indigenous and environmental groups, JPMorgan Chase and Wells Fargo renewed their participation in a set of loans totaling $1.5 billion to TransCanada, the company behind the Keystone XL tar sands pipeline.
Washington, DC -- Today, the World Bank announced that it will stop financing oil and gas exploration and extraction starting in 2019.
The announcement comes as financial institutions have come under increased scrutiny over their funding of dirty fossil fuels that are driving the climate crisis.
Local activists will gather on Thursday at noon to rally outside Wells Fargo’s headquarters in San Francisco and demand that they divest from Keystone XL.
This week, Wells Fargo announced that 100 percent of its global electricity consumption for 2017 will be met with renewable energy. However, the bank continues its support for fossil fuel companies, including loans to TransCanada, the company behind the controversial proposed Keystone XL tar sands pipeline.
This morning, as Wells Fargo CEO Tim Sloan testified before the US Senate Banking Committee about the bank’s recent scandals, DC residents urged elected officials to hold Wells Fargo accountable for financing projects that threaten our communities and climate.
Tomorrow morning, as Wells Fargo CEO Tim Sloan testifies before the US Senate Banking Committee, DC residents will gather outside the Dirksen Senate Office Building to call on elected officials to hold Wells Fargo accountable for financing projects that threaten our communities and climate.
Last week, Citigroup and JPMorgan announced their commitments to power all their operations with renewable energy by 2020. However, both banks continue to invest in dirty fossil fuel pipelines and other projects that contribute to climate change and threaten human rights.