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Big Banks Plan to Double Down on Bad Fossil Fuel Investments

WASHINGTON - Last night, Reuters reported that banks including JPMorgan Chase, Wells Fargo, Bank of America, and Citigroup are planning to take direct ownership of failing oil and gas assets. The banks are reportedly awaiting regulatory waivers in order to move this plan forward. 

In response, Sierra Club campaign representative Ben Cushing released the following statement:

“It's never been more obvious that fossil fuels are a bad investment, and yet rather than following their supposed commitments to climate action, these big banks are doubling down on their toxic investments and getting directly into the fossil fuel business. The federal government should be working to ensure that oil and gas workers are taken care of during this time of economic turmoil, not giving big banks free rein to make a profit while communities pay the price. If allowed to move forward, this dirty deal would be a massive step in the wrong direction for our financial system and our climate.”  

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The Sierra Club is the oldest and largest grassroots environmental organization in the United States. It was founded on May 28, 1892 in San Francisco, California by the well-known conservationist and preservationist John Muir, who became its first president. The Sierra Club has hundreds of thousands of members in chapters located throughout the US, and is affiliated with Sierra Club Canada.

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