Gendered and Racial Impacts of the Fossil Fuel Industry
in North America and Complicit Financial Institutions

The Gendered and Racial Impacts of the Fossil Fuel Industry in North America and Complicit Financial Institutions (fifth edition) exposes the role that financial institutions, including banks, asset managers, and insurance companies, play in preserving and perpetuating negative gender and racial impacts through focusing on seven regional and project-specific case studies. From the LNG buildout in the Gulf South to the proposed Line 5 project in the Great Lakes, the report aims to bring attention to communities, and specifically women, impacted by fossil fuel pollution and infrastructure and the financial institutions responsible for financing, insuring, and investing in fossil companies and projects.

The report highlights Vanguard, BlackRock, JPMorgan Chase, Citigroup, Bank of America, and Liberty Mutual as primary investors, financiers, and insurers of harmful fossil fuel companies and projects within the regional and project-specific case studies. All six financial institutions have voiced support for or acknowledged the importance of the Paris Climate Agreement and made commitments to human rights standards via public statements or by signing onto national and international frameworks and initiatives. Yet, they continue to support companies whose operations disproportionately harm communities of color and Indigenous communities (and specifically women in these communities) while also threatening human rights and furthering the climate crisis. 

The report outlines risks for financial institutions and recommendations for internal policy changes. Financial institutions are exposed to a myriad of physical and transition risks, including regulatory risks, market and credit risks, and reputational risks. The report details recommendations financial institutions need to adopt, including committing to immediately phasing out existing fossil fuel financing and adopting mandatory policies that uphold Free Prior and Informed Consent (FPIC) and human rights. To implement steps forward, the report also advocates for a Just Transition to a renewable and regenerative future that uplifts communities and women most impacted by environmental degradation, pollution, and the climate crisis.