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17 Okt 2019

Rainforest Action Network, BankTrack, Earthworks, Friends of the Earth, Global Witness, Indigenous Environmental Network, Oil Change, Share Action, Sierra Club, 350

Letter: Environmental groups warn banks against climate and human rights implications of underwriting Saudi Aramco offering

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to the CEOs of Bank of America, Citigroup, Credit Suisse, Goldman Sachs, HSBC, JPMorgan Chase, and Morgan Stanley,

We are writing to express our alarm at your banks' potentially playing leading roles in underwriting the intended Initial Public Offering (IPO) of part of Saudi Aramco...

This... comes at a time when the UN's climate scientists have shown that to prevent the catastrphic consequences of global temperatures rising beyond 1.5C... global carbon emissions need to peak immediately and start dropping sharply...

Such drastic cuts will not be possible if banks like yours keep increasing the capital they are facilitating for the fossil fuel industry.