In addition to electrifying as much of our energy consumption as possible, Mainers need to move quickly to sustainable financial practices – two of the most impactful actions we can take toward climate action.
Costco’s credit card partnership with Citibank has significant environmental consequences. Citibank has invested a staggering $332 billion in new fossil fuel investments since 2016. Funding has contributed to climate-driven catastrophes worldwide that also harm my family and community, such as heat, coastal flooding and a rapidly warming Casco Bay.
As the third largest retailer in the U.S. and a client of Citibank’s, Costco has power to persuade Citi in switching its funding from dirty to clean energy and accelerating our efforts to reduce carbon pollution and the impacts of climate change.
Pollution from Costco’s cash in the banks it uses is estimated to be more than 85% of Costco’s carbon footprint from its own operations. This is a decision Costco can control.
Costco members have power to push Costco to make changes and have won before. Costco should listen to the 40,000 people and 18,000 Costco members that signed the petition calling on Costco to cut ties with Citi.
Costco considers itself an ethical company with strong values. But an ethical company should not do business with unethical corporate partners like Citibank.
Costco has shown it can change. Costco agreed recently to reduce its plastic packaging, for example, and sells more organic food. There are other more climate-friendly store credit card company options.
Costco has the opportunity to be a leader among large retailers by addressing the climate impacts of its banking relationships. Costco should follow its own corporate motto and “do the right thing” on climate by dropping dirty Citi.
Welcome our new retail partner to Southern Maine, but deny its current credit card company.
Leisa Collins
Portland
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