BankTrack’s Post

Today, 105 civil society organizations from around the world are urging major U.S. banks to halt their financing of industrial livestock production. An open letter was delivered to financial leaders, including Bank of America, Citi, and JPMorganChase, stressing the critical role these institutions play in exacerbating the climate crisis by funding meat, dairy, and feed giants. The letter outlines the severe environmental impacts of industrial livestock production, including significant contributions to global warming and biodiversity loss, while also highlighting the harm inflicted on animal welfare and human rights. The organizations call for banks to recognize the industry’s high emissions, set and implement 1.5°C targets for the agriculture sector, and address the broader social and environmental harms caused by this industry. This action is part of a larger global campaign aiming to hold financial institutions accountable for their role in industrial livestock production. The time for change is now. 🌍 Learn more 👉 https://lnkd.in/eVPGc2bJ #Sustainability #ClimateAction #ResponsibleBanking

An open letter to the private banking sector on its role in fueling the climate crisis by financing industrial livestock production Key highlights: -      Research indicates that livestock production alone could consume nearly half of the world's remaining 1.5°C carbon budget by 2030 and up to 80% by 2050. -       An annual average of $76.9 billion credit provided since the adoption of the Paris Agreement. -        The combined GHG emissions from the 55 largest companies surpass those of Japan, the world’s sixth-largest emitter. -        Five of these corporations together produce an estimated 595 million tonnes of CO₂-equivalent emissions annually, which exceeds the total emissions of both the UK and Ireland. Read on: https://lnkd.in/dSFsxy4p Credit: S3F Coalition & Friends of the Earth US

Representatives Jasmine Crockett (TX-30) and Marc Molinaro (NY-19) introduces the EMIT LESS Act which aims to mitigate enteric methane emissions from livestock through USDA supported research, training programs that familiarize agricultural producers with practices that reduce methane emissions and financial incentives. 🗣 It is endorsed by various stakeholders including farming cooperatives, environmental organizations and industry leaders including: Food and Agriculture Climate Alliance, Dairy Farmers of America, Environmental Defense Fund, National Milk Producers Federation, Danone, The Breakthrough Institute, American Feed Industry Association (AFIA), Clean Air Task Force, National Council of Farmer Cooperatives, Environmental Working Group, International Dairy Foods Association (IDFA), McDonald's, Bipartisan Policy Center Action, and National Cattlemen's Beef Association Beef Association. The Act aims to enhance the competitiveness of U.S. 🇺🇸 agriculture in a global climate-conscious economy by promoting voluntary emission reduction practices and fostering technological advancements in livestock management. Read more about it here: https://lnkd.in/gD3sgcFZ

Shambles. USDA -- I hope you get on-farm oversight authority. It is central to any progress on the climate-front. I can't believe how brazenly Tyson Foods is getting away with this without publishing any proof. "“Because Congress did not provide USDA with on-farm oversight authority that would enable it to verify these types of labeling claims, companies must use third-party certifying organizations to substantiate these claims,” the spokesperson wrote in an email, directing Inside Climate News to the third-party verifier or Tyson for more information." "“They’re being incredibly obstinate about sharing anything right now,” said Matthew Hayek, a researcher with New York University who studies the environmental and climate impacts of the food system. “Speaking as a scientist, it’s not transparent and it’s a scandal in its own right that the government can’t provide this information.”" "This lack of transparency from the agency worries environmental and legal advocacy groups, especially now that billions of dollars in taxpayer funds are available for agricultural practices deemed to have benefits for the climate. The Biden administration’s signature climate legislation, the Inflation Reduction Act, appropriated nearly $20 billion for these practices; another $3.1 billion is available through a Biden-era program called the Partnership for Climate-Smart Commodities. “This is an important test case for USDA,” Faber said. “If they can’t say no to a clearly misleading climate claim like ‘climate friendly’ beef, why should they be trusted to say no to other misleading climate claims? There’s a lot of money at stake.”" "Last year, the Center for Biological Diversity submitted a Freedom of Information Act request to the USDA, asking for details about funding to support “low carbon” beef. The agency’s response was heavily redacted and the Center is now appealing." ^^^What??? "Silvia Secchi, a natural resource economist at the University of Iowa and outspoken critic of U.S. agricultural policy, said the environmental groups, universities and corporations taking money from the USDA for climate-focused efforts should all be subject to the same rules. “USDA should have a transparent methodology that’s applicable to everyone—the outsourcing, the monitoring, the verification—for all these groups that have incentives to make things look better than they are,” Secchi said. “There’s no transparency. How are they actually going to verify that farmers are reducing nitrogen? Are they getting GPS coordinates for tractors every day of the year? I think it’s complete bullshit. They’re only looking at select indicators, not the whole system.”" https://lnkd.in/eQkuHEUE

Investment in livestock production is essential if we are to realise its potential to mitigate and adapt to climate change.

Animal agriculture is one of the leading drivers of the climate crisis. According to a recent World Bank report, food and agriculture generate almost a third of global greenhouse gas emissions, of which meat and dairy account for nearly 60 percent. 📝 Alessandro Ramazzotti is a researcher at the International Accountability Project, an international advocacy organization. https://loom.ly/j3oDIOM

The livestock industry is fueling the climate crisis and threatening global food security, biodiversity, and public health. 🤔 💢 Despite this, multilateral development banks (MDBs) continue to pour billions into industrial livestock operations. It’s time to stop! Through the Stop Financing Factory Farming (S3F) campaign, we’re calling on MDBs to invest in ethical, sustainable agroecological systems that align with global sustainability goals. 💵 ⬆ From protecting Brazil’s rainforests to exposing environmental violations in China, our letters challenge harmful projects worldwide. Read our latest blog post and join us in urging MDBs to prioritize a just and sustainable future: https://lnkd.in/eu6b9TAG #StopFactoryFarming #SustainableAgriculture #ClimateAction

🎉Big news!🎉Feedback have joined with 100+ organisations to call on banks to stop financing industrial livestock companies. According to Feedback's research, banks and financiers have provided $615 billion in credit to the world's largest 55 livestock producers since the Paris Agreement. The letter was signed by orgs including Friends of the Earth, Feedback Global, Changing Markets Foundation, ProVeg International, BankTrack and Greenpeace. I was quoted for the press release, saying: “Alarmingly, our analysis shows that funding to these polluting companies is on the rise, despite scientists’ warnings that global livestock emissions need to start declining sharply. Industrial livestock companies are incompatible with a safe future for our planet, so it is time for banks and investors to turn off the taps and stop providing the finance that is enabling them to grow.” The letter has been delivered to some of the world's biggest financiers of big livestock, like Bank of America, Citigroup, and JPMorgan Chase. Read the letter: https://lnkd.in/ed9nYhPE Read Feedback's report 'Still Butchering the Planet' (international focus): https://lnkd.in/eyArn_dA Read FOE US's report 'Bull in the Climate Shop' (US bank focus): https://lnkd.in/ey42a7hp #food #meat #plantbased #lessandbettermeat #climatechange #climatecrisis #biglivestock #defundbiglivestock

#Livestock play a critical role in reducing greenhouse gas emissions and supporting adaptation to increasingly extreme weather patterns, especially in low- and middle-income countries. However, livestock remains critically under-funded via #ClimateFinance. These evidence briefs provide the tools and insights you need to quantify emissions, build compelling investment cases, and secure vital funding for livestock mitigation and adaptation projects. Check them out and spread the word!

Which presidential candidate has the best plan for the future of American agriculture? ❤️💙 🌾 The American Farm Bureau Federation (AFBF) has shared responses from Vice President Kamala Harris and former President Donald Trump on key agricultural policies. For 40+ years, AFBF has provided transparency by collecting input from presidential candidates on issues that matter to farmers. 🌱 Trump's stance: Supports increased commodity price supports, improved crop insurance, and cutting regulations to reduce costs. He aims to boost ethanol production and trade, end Biden’s net-zero policies, and strengthen programs for new farmers. 🌿 Harris's view: Focuses on protecting small farmers, defending critical farming programs, and reducing unfair competition. She advocates for conservation efforts and reforms to benefit both the environment and farmers. Which stance is "better" for farmers depends on whether a farmer prioritizes immediate cost reductions and deregulation (Trump) or long-term program protection and environmental sustainability (Harris). What insight can you add?