THE GULF SOUTH IS UNDER ASSAULT
With the 2015 reversal of a decades-long ban on U.S. crude oil exports and the advent of fracking technology enabling a massive expansion of gas production in the Permian Basin and elsewhere, profiteering polluters are racing to strike it rich, pursuing massive new facilities all across the Gulf South to export U.S. fossil fuels to the highest international bidders.
Some want to build colossal new offshore oil export terminals, while others are planning new or expanded liquified “natural” gas (LNG) export facilities of ever-increasing scale. At the same time, petrochemical polluters continue to site facilities almost exclusively in the Gulf South.
For decades, the predominantly Black, Latine, Asian-American, Indigenous and low-income communities of the Gulf South have endured this ongoing assault. While residents suffer from horrific health impacts – including elevated rates of asthma, lung and cardiovascular disease, and cancer – entire communities also suffer from the destruction of local ecosystems and the erasure of cherished history and culture.
This is to say nothing of the impact of new fossil fuel projects on the global climate. We know that the continued release of greenhouse gasses from burning fossil fuels is leading to disastrous changes in the climate, including a rapid acceleration of natural catastrophes – from deadly hurricanes and floods to devastating wildfires and droughts. We also know that the victims of these disasters are often the very same Gulf South communities already under siege by polluting fossil fuel facilities.
THE GULF SOUTH IS FIGHTING BACK
In order for fossil fuel profiteers to build and operate drilling and fracking rigs, pipelines, production facilities and export terminals, they need money, and lots of it. Where do they get it? From a handful of big banks, asset managers, and private equity firms who finance the billions it takes to build the infrastructure that puts Gulf South communities and the global climate at risk.
Polluters’ projects also need massive insurance policies in order to secure financing, and thus also rely on large insurers to operate – oftentimes the same insurers who refuse to cover Gulf South homes and businesses due to climate-related risks.
Recognizing financiers and insurers as the key enablers of fossil fuel projects that jeopardize Gulf South communities, dozens of frontline leaders from across Texas and Louisiana issued a call that has been answered by the formation of the Gulf South Fossil Finance Hub.
The Hub now serves as the convener and connector of a network of more than 100 Gulf South-based community activists and organizers, national and international finance campaigners, industry and finance experts, researchers, lawyers and other advocates, all focused on two primary objectives – to intervene with the institutions that fund and insure harmful fossil fuel and petrochemical facilities in the Gulf South, and to build long-term organizing power within frontline communities.
Given the massive scale and potentially devastating environmental impact of the planned liquified “natural” gas buildout in Texas, Louisiana, and across the planet, the Hub’s initial focus is on fighting LNG projects.
HUB PARTNERS AND LEADERSHIP TEAM
The Gulf South Fossil Finance Hub consists of core partners and coalition members working together in a coordination space managed by a small leadership team.
The Hub’s core partners are: Hip Hop Caucus, Rainforest Action Network, Stop the Money Pipeline, Texas Campaign for the Environment Fund, Action for the Climate Emergency, Alliance for Affordable Energy, and Youth Climate Finance Alliance.
Coalition Members include: Oil Change International, WECAN International, Earthworks, Center for Popular Democracy, Funder Collaborative on Oil and Gas, Carrizo-Comecrudo Tribe, Public Citizen, Earth Track, Solutions For Our Climate, Earthjustice, League of Conservation Voters, Healthy Gulf, Sierra Club, Climate Nexus, For a Better Bayou, Better Brazoria, NRDC, PACAN, Common Defense, Reclaim Finance, Oil Gas & Action Network, 2030 Fund, Private Equity Stakeholder, Urgewald, As You Sow, FOE Japan, Stand.Earth, Global Energy Monitor, Peak Plastic Foundation, Razom We Stand, Greenpeace, Team Arc, Gulf South for a Green New Deal, Center for Oil and Gas Organizing, Green Faith, Global Energy Monitor, Chispa TX, and Vessel Project of Louisiana.
The Hub is led by Roishetta Ozane in Louisiana and Jeffrey Jacoby in Texas, with staff support from Katherine Hahn and consulting support from Southard Strategies. Contact kat@gulfhub.org to get involved.
HUB ACCOMPLISHMENTS
The Gulf South Fossil Finance Hub is a new and growing coalition, but has already realized significant accomplishments:
- The Hub brought over 150 Gulf South frontline leaders to New York City for the “Summer of Heat on Wall Street” campaign, centering Gulf voices in demonstrations targeting fossil fuel financiers and insurers.
- The Hub coordinated the involvement of 28 Gulf South leaders across 4 cities in 3 days of demonstrations targeting U.S. banks during shareholder season.
- After receiving Freeport LNG’s certificate of insurance, Hub partners arranged meetings between Gulf South frontline leaders and officials with Chubb and Allianz.
- Coordinating with European allies, the Hub sent a delegation of 6 Gulf South community leaders to Prague, The Netherlands, Belgium, Germany and Spain for meetings and demonstrations at key targets.
- Targeting Citi as a possible early mover, the Hub has coordinated demonstrations at Citi’s New York City headquarters; co-developed the “Citi Environmental Racism Report” with international finance activists featuring case studies from Texas and Louisiana communities; and co-coordinated the “Citi Environmental Racism Hearing” event in New York City, featuring an introduction by Jane Fonda.
- The Hub hosted fossil fuel finance activists from the U.S., Germany, South Korea, Japan and The Philippines in the Gulf South, further deepening international connections and coordination.
- The Hub is working with finance campaigners to introduce Gulf-related shareholder resolutions focused on environmental racism and climate justice during 2024 AGM season.
