Banking
The Problem
Fatih Birol, the International Energy Association executive director and one of the world’s foremost energy economists, recently said:
If governments are serious about the climate crisis, there can be no new investments in oil, gas and coal, from now – from this year. (2022)
If we keep developing fossil fuels, we won't be able to stay within the Paris Agreement goal of a 1.5c temperature rise and thus avoid the worst effects of global warming: enhanced sea level rise, more extreme heat events, further ecosystem loss, further crop yield decline, further coral reef decline, further fishery decline, further fires and floods... and so it goes.
Yet in the 5 years since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels with an extra $3.8 trillion! We are accelerating toward a cliff, and the banks have their foot on the gas pedal. We need to hit the breaks. We need to back up, now!
Here is a quick video overview of the banking problem.
Below are the fossil fuel investments made since the Paris climate agreement by the US/World’s worst offending banks:
317 Billion - JPMorgan Chase
237 Billion - Citi
223 Billion - Wells Fargo
198 Billion - Bank of America
111 Billion - Morgan Stanley
You may be able to see how your bank stacks up here.
When you deposit money into your account, it doesn’t just sit there. These banks are using your money to fund new fossil fuel projects. Fortunately there are also banks that use your money to fund things more aligned with your values. Consider a change.
What you could do
Switch banks: Here are a few banks recommended by Bill McKibben :
Also most credit unions don’t invest in oil and focus on community needs:
Other promising banks that will likely fit your values:
What you could do with others
Invite family and friends to reconsider how their bank is using their money.
Sign this letter demanding that world leaders, including bank leaders, not only live up to their 2030 Paris goals, but exceed them! The current goals fall short of what is needed to keep planetary warming under the desired 1.5 degrees celsius.