Stop Formosa Plastics’ petrochemicals plant in Cancer Alley!
Bank of America
Formosa Plastics is trying to build a massive 14-facility petrochemicals complex in Louisiana. If it succeeds, it would double toxic emissions in “Cancer Alley.”
Formosa Plastics has such a terrible environmental track record that it can’t continue building in Taiwan, where it is headquartered. But now it is trying to expand its operations in St. James Parish, a majority-Black community where people are already dying at a rate 50 times higher than the national average -- in large part due to pollution. It’s no wonder that the company’s Sunshine Project is becoming one of the country’s most egregious examples of environmental racism.
Building more fossil fuel infrastructure is the last thing that the region needs. Hurricane Ida has severely damaged properties across St. James Parish, with most residents left without power two weeks after the hurricane made landfall, while more than 2,000 reported oil and chemical spills have been reported in Louisiana in the aftermath of Ida.
Can we count on you to join with local communities in the fight to stop Formosa Plastics?
Take action to stop Formosa Plastics’ Sunshine Project today.
Thanks to local groups like RISE St. James and activists like you, last month the Army Corps of Engineers ordered Formosa Plastics to conduct a full environmental impact statement before granting permits for the project.
This announcement is fantastic news because it buys us time -- time to make sure Formosa Plastics and other companies that want to profit from this project back off for good. That includes big Wall Street banks, who will be critical players. With a giant $12 billion price tag, Formosa Plastics won’t be able to build the Sunshine project without them.
Demand that Bank of America denounce environmental racism and not fund the Sunshine project.
Bank of America is Formosa Plastics’ most important US bank. It helped the company sell $1 billion of bonds back in 2015, making it Formosa Plastics’ most likely US partner to help raise money for this giant new petrochemicals complex.
Bank of America is also one of the top plastics financiers in the world. As we know, the plastic waste problem is out of control, with the equivalent of one garbage truck of plastic waste flowing into our oceans every minute. The last thing we need is a massive factory pumping out new plastics for single-use packaging and other products.
Tell Bank of America to publicly pledge to not fund the Sunshine project.
Bank of America
From: Jeanne Poirier
I write with concern about Formosa Plastics’ proposed Sunshine Project, which would be built in a predominantly Black district of St. James Parish. This massive petrochemicals complex would double toxic air emissions in the St. James Parish community, which is already overburdened with pollution.
If constructed, the project would also desecrate the graves of people who were enslaved on the sugar cane plantations that once operated on the site. The United Nations Office of the High Commissioner on Human Rights has condemned the project, calling it an egregious example of environmental racism.
We understand that Bank of America does business with Formosa, having helped underwrite 10-year bonds in 2015, and are concerned the company will again turn to your institution to raise financing for this multi-billion dollar project.
In light of Bank of America’s stated commitment to environmental responsibility and efforts to support racial equity, we call on you to end any and all business relationships you may have with Formosa Plastics Corporation and its affiliates, in particular Formosa Petrochemicals Corporation, Formosa Plastics Corporation, and FG LA LLC, which is building the Sunshine Project in St. James, Louisiana.
Specifically, we ask that you:
- Publicly denounce environmental racism and the Sunshine Project
- Publicly commit to not directly or indirectly finance the Sunshine project or related projects
- Cease all underwriting and asset management activities for Formosa Plastics equities and debt
- Sell and refrain from buying equities and debt issued by Formosa Plastics Corporation (TPE 1301) and Formosa Petrochemical Corporation (TPE 6505), Formosa Plastics Group, and other related Formosa affiliates
Thank you for your consideration.