Citi: Funding Fossil-Fueled Environmental Racism in the Gulf South

$36 Million in Health Impacts Suffered by Texas & Louisiana Communities related to Citi's financing
Photo of Gulf South frontline communities protesting Citi's environmental racism. Text on photo reads, REPORT: 'Citi: Funding Fossil-Fueled Environmental Racism in the Gulf South'. Subtitle text reads. 'How Citi enables climate and health impacts in Gulf communities'. STAND.earth logo in lower left corner.

 

Citi: Funding Fossil-Fueled Environmental Racism in the Gulf South quantifies the projected health impacts the facilities’ permitted air pollution could have on the region and highlights three communities in the area that are fighting back against fossil fuel development.

The report undermines Citi’s claims to be advancing racial equity and climate action. The bank is the biggest funder in the world of fossil fuel expansion since 2016, pumping $204 billion into new oil, gas and coal build-outs in that period. It finances projects and companies in communities of color that cause dangerous impacts both for the people living nearby and beyond.

Therefore, this report concludes that Citi is perpetuating environmental racism.

Key Findings

  • LNG TERMINALS: Citi has funneled at least $1.6 billion into four LNG export terminals in Texas and Louisiana. 
    • The bank’s financing for these LNG facilities could be attributed with the following annual estimated impacts related to the facilities’ permitted air pollution:
      • 2.3 premature deaths
      • $36 million in health costs
      • 10 cases of childhood asthma onset
      • The climate emissions equivalent to 6.6 coal plants or 6 million gas cars in a year
        • Citi’s financing could be linked to as many as 80.5 premature deaths over 35 years related to the air pollution from these projects.
  • ENBRIDGE: Citi has provided over $9 billion in financing for Enbridge since 2016, who plans to build an LNG pipeline in the Rio Grande Valley of Texas.
    • Citi’s financed emissions for Enbridge are estimated at 50.7 million metric tons of CO2e/year, or the equivalent to emissions from 12 million gas cars driving for a year.
    • If built, the pipeline’s compressor station could lead to annual estimated impacts of up to:
      • $15 million in health costs
      • 400 lost work and school days related to health impacts
  • FORMOSA PLASTICS: Citi also financed $668 million for Formosa Plastics (from 2001-2015), which is now planning the so-called “Sunshine Project” in St. James, Louisiana. If built, the pipeline’s compressor station could lead to annual estimated impacts of up to:
    • 12 premature deaths
    • $188 million in health costs
    • 3,000 lost work and school days related to health impacts

Tell Citi: Put Gulf South People Over Toxic Profits

Citi has fueled environmental racism in the U.S. Gulf South for far too long. Stand in solidarity by pushing Citi to end its financing and instead begin to invest in just, sustainable, community-led solutions to the harms it has caused frontline communities.

Take Action