Why Our Move-Your-Money Initiative Is So Important
The fossil fuel industry cannot continue to destroy the planet without funding from banks, insurance companies and investment companies through “the money pipeline.” Our money in a climate-bad bank helps make this planetary destruction possible.
The fossil fuel industry’s business model is based on extracting and burning fossil fuels that will result in the destruction of the planet. With so much money at stake the industry will not be stopped through persuasion. We will have to force it to stop.
Banks, however, are another matter. Banks provide financing, the “oxygen” that the fossil fuel industry needs to continue its destructive practices. Only about 7% of a bank’s business is fossil fuel lending. It has many other opportunities including green lending.
If we can persuade banks to stop financing fracking, pipelines and other fossil fuel projects, we can help stop the money pipeline that is financing the destruction of the planet. The key is getting large numbers of people to move their money from climate-bad banks and let the banks know why we are doing it.
THIS! has found many people want to move their money from climate-bad banks but haven’t because it’s confusing, frustrating and time consuming. Our Cohort Model will help you stop doing business with climate-bad banks via several short zoom sessions over a few weeks (sign up below):
- The commitment is small. After an orientation session, the Cohort meets via zoom for 1 hour per week for 4 weeks.
- You get a “scaffolding” to guide you (a step-by-step process, info on climate-friendly banks and credit unions, etc.). Previous Cohort members have successfully changed credit cards and moved savings and checking accounts.
- You get encouragement from Cohort members to take the needed steps each week.
- Cohort meetings are fun, educational and inspirational, AND you get to meet some really nice people.
- It’s free.
- You get a totally cool piggy-bank button when you cut the chord with your climate-bad bank, which you can wear with pride! (You can’t get this button any other way!)
- Sign up for a cohort below (scroll down).
Bill McKibben describes why getting banks to divest from fossil fuel companies is so crucial
Rainforest Action Network (RAN) has researched which banks are the biggest (i.e., worst) funders of the fossil fuel industry. The worst US climate-bad banks according to RAN (in order of the amount of their fossil fuel funding):
- JP Morgan Chase
- Wells Fargo
- Bank of America