in World News Banks Urged to Defund Farming Industry to Limit Meat & Dairy Consumption
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Major banks are being urged to stop financing the global farming industry as part of an effort to force limits on the general public’s meat and dairy consumption.
A collective of over 100 climate groups, led by Friends of the Earth, is pressuring JPMorgan Chase, Citigroup, and other private banks to stop financing global meat and dairy companies.
According to a report from Agriculture Dive, the groups argue that the institutions’ lending activities undermine their environmental commitments.
An open letter from groups to some of the world’s biggest banks calls for a halt on any new financing that expands industrial livestock production.
The banks are being pressured to add requirements that meat, dairy, and feed clients disclose their climate action plans.
The letter calls out the banks by name for supporting the world’s biggest meat, dairy, and animal feed producers like JBS, Tyson Foods, and others.
While food companies are a small part of the banks’ overall lending portfolios, the groups say they have a much bigger impact on the institutions’ environmental footprints.
The letter says increased lending has let the world’s biggest emitters grow their operations and emissions.
According to research from Profundo and Feedback Global, from 2019 to 2022, financial institutions granted 15% more credit to the largest meat, dairy, and feed corporations than the previous four years.
Of the $134 billion in loans and underwriting to the meat and dairy sectors, more than half are tied to Bank of America, Citigroup and JPMorgan Chase.
The climate groups’ letter comes as the world’s largest meat producer JBS seeks a listing on the New York Stock Exchange, a move heavily criticized by climate alarmists.
Green agenda globalists warn the move would allow the company to easily access more capital.
It also comes ahead of Climate Week in New York City, where industry leaders, climate change organizations, and government officials are set to push for “action” to tackle “global warming.”