Did you know there’s a connection between personal finances and our current climate crisis? Many people are unknowingly banking with institutions that heavily invest in the fossil fuel industry.
There is a greater than 95% probability that the current warming trend results from human activity and is continuing at an unprecedented rate. The body of scientific-backed data reveals a clear signal the climate is changing for the worse in more ways than one.
→ The earth’s average surface temperature has risen about 2.12° F since the late 19th century. 2016 and 2020 are tied as the warmest years on record.
→ Our oceans have absorbed the majority of this extra heat. The top 328 feet of the ocean have warmed more than .6° F since 1969.
→ Greenland’s ice sheets have decreased by an average of 279 billion tons of ice per year between 1993 and 2019, and data shows the Antarctic ice sheets have decreased about 148 billion tons of ice per year in the same period.
→ Glaciers are retreating at never-before-seen rates almost everywhere—the Andes, Alps, Alaska, Africa, Himalayas, and the Rockies.
→ Global sea levels have risen about 8 inches in the last century.
→ Extreme weather events such as intense rainfall or permanent droughts, along with record high and low temperatures, are wreaking havoc across the globe.
→ Our oceans have increased acidity by 30% since the Industrial Revolution and have absorbed 20-30% of the carbon dioxide we’ve produced, about 7.2 to 10.8 billion metric tons per year.
Well-known traditional banks invest an enormous amount of money in energy scientifically proven to be driving climate change. And when we say enormous, we’re talking TRILLIONS of dollars. According to a recent Ran.org report, Banking on Climate Chaos 2021, 60 of the world’s largest banks have collectively invested $3.8 trillion in fossil fuels from 2016 to 2020.
A few you might recognize:
- $316 billion – JPMorgan Chase
- $237 billion – Citi
- $223 billion – Wells Fargo
- $198 billion – Bank of America
- $121 billion – TDBank
- $22 billion – BBVA
What is dirty energy?
Net-zero emissions by 2050 are too late.
There has been a growing trend for traditional banks to announce long-term commitments to help reduce their carbon footprint. In 2020, 17 of the 60 banks mentioned in the same report released net zero-emission goals by 2050. While achieving “net-zero” sounds impressive in an article headline, the timeline to reach by 2050 is too little too late. Their performative actions are a clear signal it is just that. Empty promises folded up in a green-washed package. Traditional banks must immediately align their policies and practices to limit global warming, not gradually adjust in 30 years.
Case Study For Change | Arctic National Wildlife Refuge
Despite long-term public opposition along with hard-fought efforts to continue its protection, the Arctic National Wildlife Refuge was opened to oil and gas development in a 2017 tax bill. This sacred place is one of the world’s last intact ecosystems. Nearly 200 wildlife species and the Gwich’in people call this coastal plain home. The intense spotlight from public demonstrations and pressure for corporate accountability has pushed many large traditional banks to stop supporting oil and gas development in this region. More recently, the six largest U.S. banks have prohibited funding for drilling projects. Fewer than half the leases available were sold, and in turn, generated less than one percent of the revenue projected in the tax bill.
The fate of the wildlife refuge is still uncertain, but “the Gwich’in Nation has fought this process every step of the way,” said Bernadette Demientieff, executive director of the Gwich’in Steering Committee. “We have the strength of generations of love and prayer supporting us, and that is far stronger than the [previous] administration’s greed. We will not back down.”
Your One Deposits Are More Than Just Fossil Fuel Free
Our mission is to help improve the financial lives of hard-working families and individuals in a way that doesn’t negatively impact the place we all call home. One deposits will never be used for:
- Oil and gas lending for exploration and production.
- Oil and gas lending for oil or gas transportation pipelines.
- Lending that supports exploration, mining, or production of coal.
- Lending to manufacturers or direct sellers of firearms.
- Lending to manufacturers or wholesale distributors of tobacco products.
- Lending to manufacturers or wholesale distributors of palm oil as a commodity.
- Lending to private prisons or transactional relationships with businesses that operate private prison facilities.
Individuals working together have the power to drive change. We can choose to support institutions and businesses that are focused on positive solutions. We know it’s more important than ever to reduce our impact on the earth. Responsibility for choosing who manages your hard-earned money can help make a collective difference. Traditional banks have made distant goals, but it will be past the point of return by then. The only message big banks will pay attention to right now is your money (aka their profits) leaving.
Make the switch to One