Last month, the Biden Administration hit pause on approval of all new liquified natural gas (LNG) exports, delaying and halting these projects.

This action by the White House should be a signal for all financial institutions that the end of the fossil fuel era is here. So why is Citi still financing LNG?

This pause on LNG sets a precedent for the financial sector to follow suit and divest from fossil fuel projects. While government actions are essential, the financial sector has the power to accelerate the transition to renewable energy by divesting from fossil fuels.

Citi has a responsibility to its investors, shareholders, and employees, to provide a return on investment. LNG is an especially risky investment – both for financial returns and for our climate. LNG (methane gas) has more than 80 times the warming power of carbon dioxide over the first 20 years after it reaches the atmosphere. Methane is highly volatile, and poses dangerous explosion risks for all communities that live near a project. There are also significant health risks due to the greenhouse gas emissions created during the extraction, transmission, and transportation of LNG.

Communities in the Gulf South are facing an aggressive buildout of LNG, with over 20 LNG facilities proposed. The scale of US methane gas expansion is immense, with the US being the largest natural gas producer in the world. The oil and gas industry is destroying lives, health, livelihoods, homes, and land.

Your company has a choice. You can prioritize the health and safety of our climate and of the communities your investments impact. Or, if Citi does not stop financing LNG, you are perpetuating the displacement, pollution, and physical harm of impacted communities.

Thank you for your attention on this important matter.

Sincerely,