abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb
Story

29 Oct 2019

NGOs highlight environmental and human rights concerns to banks over Saudi Aramco IPO

A coalition of environmental NGOs has written to seven international banks to express their alarm over the banks' decision to underwrite the planned Initial Public Offering (IPO) of Saudi Aramco. The state-owned oil giant is the world's largest emitter of carbon dioxide; a recent Guardian investigation revealed that Saudi Aramco has produced about 4.4% of the world's total carbon dioxide and methane emissions since 1965.

The letter also outlines the NGOs concerns that the banks will be facilitating the profiteering of a regime with a history of egregious human rights abuses. It cites the examples of Saudi Arabia's role in airstrikes on civilians in Yemen and in the murder of Jamal Khashoggi.

The Guardian approached the banks for comment on the letter. JP Morgan Chase, Morgan Stanley and Goldman Sachs declined to comment on the letter, whilst the other banks did not respond to requests for comment.

Privacy information

This site uses cookies and other web storage technologies. You can set your privacy choices below. Changes will take effect immediately.

For more information on our use of web storage, please refer to our Data Usage and Cookies Policy

Strictly necessary storage

ON
OFF

Necessary storage enables core site functionality. This site cannot function without it, so it can only be disabled by changing settings in your browser.

Analytics cookie

ON
OFF

When you access our website we use Google Analytics to collect information on your visit. Accepting this cookie will allow us to understand more details about your journey, and improve how we surface information. All analytics information is anonymous and we do not use it to identify you. Google provides a Google Analytics opt-out add on for all popular browsers.

Promotional cookies

ON
OFF

We share news and updates on business and human rights through third party platforms, including social media and search engines. These cookies help us to understand the performance of these promotions.

Your privacy choices for this site

This site uses cookies and other web storage technologies to enhance your experience beyond necessary core functionality.