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illuminem summarizes for you the essential news of the day. Read the full piece on Bloomberg or enjoy below:
🗞️ Driving the news: Climate activists are staging demonstrations outside Citigroup's New York City headquarters, part of the "Summer of Heat" movement aimed at protesting the bank's financing of fossil fuels
🔭 The context: Citigroup is a major financier of oil, gas, and coal industries, ranking as the sixth-largest provider of such loans since the Paris Agreement
• The bank contends it aims to support the transition to a cleaner economy while continuing to work with carbon energy companies
🌍 Why it matters for the planet: These protests highlight the ongoing clash between financial institutions and climate activists, underlining the urgent call for divestment from fossil fuels to mitigate climate change
⏭️ What's next: The "Summer of Heat" demonstrations are set to continue through August, aiming to pressure Citigroup and other banks to reconsider their fossil fuel investments
💬 One quote: “What we are trying to do with the campaign is help every household in America sit down and make this dinner table conversation,” said Vanessa Arcara, president of Third Act
📈 One stat: Citigroup is the sixth-largest provider of loans to oil, gas, and coal industries since the Paris Agreement in 2015
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