tom.montag@baml.com, CEO

Dear Tom Montag,

I am sure you are aware of the urgency of the current global climate crisis. The UN has stated the necessity of limiting global warming to 2 degrees Celsius. To achieve this, it is absolutely crucial that businesses work alongside governments, individuals and other organisations to meet ambitious targets – especially when it comes to transitioning from fossil fuel use to renewable energy.

Bank of America’s environmental investment strategy claims: “We understand the powerful role we have to play—globally—in helping our customers and clients navigate the transition to a low-carbon, sustainable economy.”  Why, then, has Bank of America financed $10.85 billion for coal power, $3.92 for coal mining, $24.85 billion for “extreme” oil drilling, and $29.61 billion for liquefied natural gas export from 2013-15?    

Bank of America plays a vital role in deciding what types of energy projects get funded, and in determining the future of our planet’s climate. If we are to prevent the effects of climate crisis from being devastating to us all, it is imperative that you stop providing finance to fossil fuel projects, and start investing in the sustainable economy instead.

The worldwide movement for fossil fuel divestment is growing every day. As a citizen concerned about our global capacity to meet targets and reduce the effects of climate change, I cannot give my financial support to an institution that bankrolls climate change. Therefore, as a customer of your bank, I hereby make the following demands:

– Immediately disclose all your investments in the fossil fuel industry.

– Commit to a 5 year plan to completely divest from fossil fuels.

If you do not meet these requests, I will be left with no choice but to move my money to a financial institution that takes its social, ethical and environmental responsibilities seriously. Until you show a solid, lasting and credible commitment to fossil fuel divestment, as outlined above, I can no longer continue to support your organisation and its activities, and furthermore, I will do everything I can to encourage others to move their money from Bank of America as part of the Big Bank Boycott.

You have a fantastic opportunity ahead to set humanity on course for a better future, to shift investment to sustainable energy, and to completely transform your own reputation in the process. Please, do what you know is the right thing.

With hope and my warmest regards,

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