Over 100 civil society organisations from across the world have called on major global banks to stop funding industrial livestock production.
The open letter has been sent to institutions including Bank of America, Citigroup, and JPMorgan Chase, highlighting their role in exacerbating the climate crisis through their financing of multinational meat, dairy, and feed corporations.
Signatories to the letter, which include Friends of the Earth, Feedback Global and Changing Markets Foundation, argue that the industry’s emissions significantly contribute to global warming and biodiversity loss while exacerbating food insecurity and inflicting substantial harm on animal welfare and human rights.
The letter cites studies that have found that global livestock production will use almost half of the world’s 1.5˚ C emissions budget by 2030 and 80% by 2050.
Banks must take “immediate and decisive action to halt their contribution to these escalating crises”, according to the letter. The 105 signatories also want to see financial institutions require meat, dairy and feed clients to disclose third party verified 1.5˚ C targets and produce action plans to address their impact.
A study by Feedback found that banks and financiers have provided $615bn (£463bn) in credit to the world’s largest 55 livestock producers since the Paris Agreement was signed in 2015.
“Industrial livestock production is one of the most destructive activities for our planet,” said Monique Mikhail, agriculture & climate finance campaigns director for Friends of the Earth US. “By continuing to finance meat, dairy, and feed corporations, banks are complicit in driving climate change and environmental degradation, undermining their own climate commitments. Halting all new financing that enables the expansion of industrial livestock production is one of the most climate-positive actions banks can take.”
