25 Billionaires for Dirty Energy Blockade Citibank Headquarters; 2 Arrested

In Celebration of Fossil Fools Day – Citi takes heat for coal financing

New York, NY – At 12:30pm today over 25 Billionaires for Dirty Energy blockaded the main entrance of Citibank’s Upper East Side headquarters, 2 were arrested by NYPD after chaining themselves to the front doors. NYPD officers eventually had to cut through their chains.

Dressed in tuxedos and top hats, Billionaires are demanding Citibank shift their large-scale investments in coal-fired power plants due to coal’s increasing investment risk. “Coal has lost its appeal as a predictable investment; it is fraught with uncertainty” said Billionaire, Lauren Valle, prior to being arrested by NYPD. “Bottom-line, CITI is mortgaging our future and compromising their own long-term competitiveness.”

Billionaires held large signs reading: “Coal=Too Risky, Citi We Want our Money Back.”

“Climate change will be a major investment theme of the future” said Scott Parkin of Rainforest Action Network. “You don’t have to care what global warming will do to the climate to make a bucket load of money by preparing.” Other notable billionaires that have turned to clean energy for their investment potential include, CEO of GE Jeffrey R. Immelt, Walmart CEO H. Lee Scott, and maverick oilman Boone Pickens.

By all accounts coal is becoming an increasingly risky investment. In the last three months alone, the federal government indefinitely suspended a loan program for new coal-fired power plants in rural areas because of uncertainty about climate change and soaring construction costs. The decision came shortly after three major Wall Street investment banks, including Citi, announced new rules requiring utilities to show that coal-plant proposals factor in the cost of future carbon regulation. In addition, the federal government yanked funding from their expensive, fantastical FutureGen plant.In conjunction with today’s Citi event, Fossil Fools Day activities are happening from North Dakota to New Zealand. There are over 100 actions planned including Fossil Fool award deliveries to some of the most damaging CEOs and politicians, green job rallies, protests and civil disobedience at power plants, energy companies, and banks. Actions aim to express opposition to dirty energy and show support for climate justice and corporate responsibility. Fossil Fools Day is being organized by the Energy Action Coalition and a number of international allies including the International Rising Tide Network, Rainforest Action Network, and the Canadian Youth Climate Coalition.For more information visit, www.dirtymoney.org

CONTACTS:
Nell Greenberg, 510.847.9777
Sam Haswell, 415.659.0519