News
Costco Members Welcome New CEO With a Party—and a Demand to Drop Citibank
Activists pressing the retailer to stop partnering its credit card with the world’s second-biggest fossil fuel financer test whether big companies can push banks to divest from oil, gas and coal.
By Keerti Gopal
Climate activists gathered at Costco’s Washington state headquarters on Wednesday with a congratulatory card and cake for the company’s newly appointed chief executive officer, along with a clear demand to drop Citibank as the financial institution for the Costco credit card.
Related Knowledge Center: Climate economics
State of Play
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”