Take Action: Tell Citi and Bank of America: Coal is Over! Fund the Future!

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Tell Citi and Bank of America: Coal is over! Fund the Future!

Citi and Bank of America are the leading funders of the coal industry. And coal is the single biggest cause of global warming.

From their plans to finance more than 150 new coal-fired power plants in the U.S. to funding mountaintop removal coal mining, these two banks are the primary financiers of global warming caused by coal. They could choose to finance sustainable clean energy instead, but they need to hear from you!

It's time to send them a simple message: Stop funding coal, start funding renewable energy.

Tell their CEOs, Vikram Pandit of Citi and Ken Lewis of Bank of America to invest in the future right now! Tell them to stop bankrolling global warming and start investing in renewable energy like wind and solar!

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Subject:

Dear Mr. Pandit and Mr. Lewis,

(Edit Letter Below)

I am concerned that your banks are performing very poorly in addressing climate change. Both of your banks are top investors in the coal sector which is the leading single point source of greenhouse gas emissions globally.  I urge you to develop and adopt comprehensive climate change policies that reorient your lending towards efficiency and renewable energy, set greenhouse gas emissions reductions targets for your financing and very importantly, include a moratorium on the financing of new coal expansion.

The imperative of addressing coal and other GHG-intensive sectors is clear.  Coal-fired power is the country's largest emitter of carbon dioxide and the world's fastest-growing source of GHG emissions.  The construction of the 150 proposed coal-fired power plants in the United States would be a nightmare for our climate. The Christian Science Monitor has estimated that the emissions from these proposed plants would be greater than the 2002 emissions of 178 of the world's 186 countries.

The investments made in the energy sector over the next ten years will determine our collective ability to deal with the climate crisis, and investments in dirty coal will lead to world-wide climate and economic destabilization. Shifting away from dirty sources of energy is not only a wise and necessary choice for the environment, our economy and public health, but it will also free up capital to provide financing for more sustainable alternatives, such as energy efficiency initiatives such as decentralized energy grids and renewable energy sources such as wind and solar.

Your banks serve as the top financiers of the coal industry and new coal-fired powered plants. As climate change has become a national priority and consumers are increasingly turning away from companies that aren't stepping up to the challenge, I hope that you will play a leadership role by agreeing to the following goals:

:: Cease all funding of companies building new coal-fired power plants, coal to liquid or coal gasification plants, coal mines and supporting infrastructure.

:: Cease financing of companies that practice mountaintop removal and other forms of strip-mining.

:: Demand that all companies obtain free, prior and informed consent from Indigenous peoples and impacted communities before any coal projects occur on their lands or adjacent to their communities.

:: Prioritize financing and investments in energy efficiency and renewable energy infrastructures in order to transition away from all fossil fuel energy sources.

:: Support power and utility companies in decommissioning the dirtiest coal plants and in developing a strategy for a just transition for labor and coal-mining communities.

:: Support federal legislation that enacts strong carbon regulations in the form of a carbon tax and/or caps with an auction of carbon credits across all industries.

Of course, moving away from coal is just the first step towards the U-turn needed for our energy pathway and ushering in a new energy economy that creates more jobs while reducing our climate footprint. In order to tackle climate change at its roots, funding must be moved away from all of the top emitters of greenhouse gases with an early focus on the most carbon-intensive sectors.

We cannot successfully fight climate change if the world's largest banks continue to loan billions of dollars to outdated and dirty forms of energy. We deserve better from your banks.  Please step up and be true climate leaders.

Thank you,
[Your name]

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Vikram Pandit, CEO, Citi and Ken Lewis, CEO, Bank of America

Bank of America CEO Kenneth Lewis
Citi CEO Vikram Pandit

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