US banks funding meat industry conflicts with their climate goals

US banks funding meat industry conflicts with their climate goals, new study

The financial contributions of banks like Bank of America, Citigroup, and JPMorgan Chase to the meat and dairy industry are conflicting with their climate goals, according to a new study released on Thursday.

The report, titled ‘Bull in the Climate Shop: Industrial Livestock Financing Sabotages Major U.S. Banks’ Climate Commitments,’ revealed that from 2016 to 2023, 58 American banks invested $134 billion in sectors associated with meat, dairy, and animal feed.

The study was conducted by the Netherlands-based research group Profundo and United States-based environmental organization Friends of the Earth. It points out a significant inconsistency in the banks’ strategies to fulfill their climate objectives.

The investments in meat, dairy, and feed industries are significantly impacting the banks’ emission goals. They contribute to around 11% of the total emissions that the banks are responsible for.

The researchers recommend a significant change in the banks’ investment policies. They advise a halt to funding these high-emission sectors to reduce their carbon footprint.

World Bank supports hog hotels

Friends of the Earth and Profundo urge banks to discontinue investments in larger industrial meat and dairy operations. They also demand that companies in these industries establish and commit to clear, science-based climate objectives.

Additionally, the report critiques the World Bank’s International Finance Corporation (IFC) for supporting huge industrial farming projects, including large-scale pig farms in China, known as “hog hotels.”

These investments are criticized for worsening climate change, undermining animal welfare, and compromising food security due to the inefficiency of meat production.

The study calls on banks to reassess their investment strategies, ensuring they positively contribute to combating climate change and align with wider sustainability aims.

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