Australia Markets close in 1 hr 10 mins

Citibank targeted over US pipeline funding

Greta Stonehouse

A 30-metre pipeline has been laid outside Citigroup's headquarters in Sydney's CBD as part of a worldwide protest against the organisation's funding of controversial tar sands pipelines in the US.

Up to 20 Greenpeace activists dressed in hi-vis vests set the pipeline down outside Citibank's Park Street HQ on Tuesday before unfurling a sign reading, "Toxic oil pipeline by Citibank", as Sydneysiders walked past, some taking pictures and asking questions.

Citibank is one of 12 global banks with ties to pipeline projects and companies such as Energy Transfer Partners, responsible for the Dakota Access Pipeline, Greenpeace said in a statement.

"Pipelines regularly explode and leak, they poison our water, we've seen horrific and sometimes fatal incidents when it comes to oil pipelines," Greenpeace Australia Pacific Campaigner Jonathan Moylan told AAP on Tuesday.

Mr Moylan says Citigroup is helping fuel climate change by pouring billions of dollars into fossil fuel projects such as tar sands.

"Since 2008, Citi has loaned over $4 billion to Australian fossil fuel projects including coal mines and LNG mega-projects," Market Forces research coordinator, environmental finance group Jack Bertolus said in a statement on Tuesday.

Citigroup has been contacted for comment.