Report knocks US banks over climate impacts of loans

By Marc Heller | 04/04/2024 01:20 PM EDT

The report said major banks undercut their own climate emissions goals by supporting industrial livestock operations.

Cows stand in the milking parlor on a dairy farm.

Cows stand in the milking parlor on a dairy farm on July 24, 2023, in New Vienna, Iowa. A new report slams U.S. bank lending practices to industrial livestock operations due to climate concerns. Charlie Neibergall/AP

U.S. banks are sabotaging the fight against climate change by lending billions of dollars to the industrial livestock industry, a significant source of methane emissions, an environmental group said.

Friends of the Earth said three major lenders — Bank of America, Citigroup and JPMorgan Chase — account for more than half of the $134 billion in lending tied to meat, dairy and other related corporations.

The banks should halt new lending that leads to expansion of industrial livestock operations and require meat, dairy and animal feed clients to report greenhouse gas targets and related action plans to reduce emissions, the report said.


A spokesperson for Bank of America said the bank is aware of the report and declined to comment; Citigroup and JPMorgan Chase didn’t immediately respond to requests for comment.