In response to votes from its shareholders, Costco has committed to reducing its contribution to climate change. However, the issuer of Costco’s credit card is Citi, which is the world’s second-largest financier of fossil fuels.
As the third largest retailer in the U.S., Costco has the power to put enormous pressure on Citi to reduce its financing of climate change. That power includes threats to switch credit card providers should Citi refuse to comply.
Environmental advocacy groups including Third Act have gathered signatures on a petition to pressure Costco to clean up its credit card. In January, the petition, signed by 40,000 people, was delivered to the company’s headquarters demanding that they drop Citi if the bank continues financing fossil fuels.
Ron Vachris, Costco’s newly appointed CEO, responded that they are in discussions with Citi on this issue.
To Costco members, next time you visit the store, please write a message on its suggestion form urging them to pressure Citi.
Additionally, anyone can submit this message by clicking “Feedback” on Costco’s website.
Blake Wells, Yardley