During Earth Week, just days after dozens of climate activists were arrested for blocking the entrance to Citigroup headquarters in Tribeca, this sticker was seen on several Citi Bikes in the East Village on Friday afternoon.
The sticker directs people to stopthemoneypipline.com, which declares, “The financial sector is funding, insuring and investing in the climate crisis. … Stopping this money pipeline is one of the most important ways we can address the climate emergency.
“Since the Paris Agreement was adopted, Wall Street banks have provided $1.4 trillion to the fossil fuel industry. Big asset managers are the world’s largest investors in coal, oil and gas. Insurance companies provide insurance for new fossil fuel projects without which they could not be built.
“That’s why we’re pushing banks, insurance companies and asset managers to end fossil financing. If we stop the flow of money, we stop the flow of oil.”
Citigroup has spent more than $100 million to be the lead sponsor of New York City’s bike-share program, with its current sponsorship running through 2024. The city’s bike-share system is owned by NYC Bike Share LLC, a subsidiary of Alta Bicycle Share, Inc.
I was arrested with many others April 24th for Disorderly Conduct in blocking the doors at Citibank HQ since they are one of the biggest investors in fossil fuels. We ignore profit over survival at our peril.
A couple of comments – and by ‘a couple’, I’ll limit myself to two.
First – clarifying – CitiBank has zero ownership of Citi Bike. Sponsorship merely means lots of rolling advertisements for CitiBank.
And second, concerning ownership of Citi Bike: Alta started Citi Bike in 2013. Alta proceeded to nearly undiscover the wheel. Under Alta’s ownership / management, Citi Bike was circling the drain. After somewhat more than a year of pain, Bikeshare Holdings — an entity owned by Related Companies and Equinox Fitness (owned by … Related Companies) — bought Alta under the operating name ‘Motivate.’ Motivate majorly improved Citi Bike’s operation. That improvement was attributable IMHO to Motivate being run by Jay Walder. In 2018, Lyft bought Motivate. Jay Walder went on to new adventures. Though Lyft’s ownership of Motivate (hence, Citi Bike) continues, Lyft wants to sell it: https://www.vice.com/en/article/pka3kn/lyft-the-largest-bikeshare-operator-in-north-america-wants-out-of-the-business
Motivate continues IMHO on a solid footing, but Vice (the publisher of the linked article) is out of business: some browsers may balk at the link.
Interestingly…..
The city Department of Transportation essentially focuses policy and priorities on the wishes of the bicycle lobby.
Thus among other things City DOT also spends a lot of time messaging to encourage people to bicycle, especially Citibike — yet City DOT almost never messages to use MTA bus and subway.