Climate activists are shifting their strategy after finding that their previous reputation-damaging protests against financial institutions funding fossil fuels have been ineffective. Despite widespread protests in 2024, banks like Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co. have increased their financing for fossil fuel deals. Activists now plan to target banks’ revenue streams by persuading clients to switch to greener competitors and pressuring municipal governments to withhold bond deals from banks with weak net-zero goals.
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Wall Street's Oil Deals Have Climate Activists Resorting to New Tactics
Climate activists are shifting their strategy after finding that their previous reputation-damaging protests against financial institutions funding fossil fuels have been ineffective. Despite widespread protests in 2024, banks like Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co. have increased their financing for fossil fuel deals. Activists now plan to target banks’ revenue streams by persuading clients to switch to greener competitors and pressuring municipal governments to withhold bond deals from banks with weak net-zero goals.