Big US megabanks have long been financing fossil fuel companies. Switch to a community development bank or credit union.
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Dear Green American,
Big US megabanks have long been financing fossil fuel companies. But last year was different.
Until last year, big banks had been sending less to oil, gas, and coal projects. But last year, they increased fossil fuel financing to $869 billion -- $162 billion more than the previous year.
All ten US megabanks plowed more money into fossil fuels in 2024 – even as all six US megabank members left the Net Zero Banking Alliance. Wells Fargo went the furthest, abandoning its 2030 and 2050 climate goals completely.
Take the Pledge: Switch to a community development bank or credit union ([link removed])
Recent reports indicate that top Wall Street banks think the world will blow through the 2°C upper limit set by the Paris Agreement. “We now expect a 3C world,” a Morgan Stanley report states.
At 3°C (5.4°F) of global warming, scientists predict 600 million people will be forced to migrate due to rising seas, food production will drop by half, and wildlife habitats will suffer devastating loss.
How does Morgan Stanley see a 3°C world? As a chance to sell more air conditioning. It’s the textbook definition of disaster capitalism.
Take the Pledge: Switch to a community development bank or credit union ([link removed])
If you are still with one of the top ten US megabanks – JPMorgan Chase, Bank of America, Citi, Wells Fargo, Goldman Sachs, Morgan Stanley, Truist Financial, PNC, US Bank, or Capital One – now is the time to find a community development bank or credit union in your area and move your money.
Use Green America’s new Get a Better Bank map ([link removed]), which lists 17,000 locations of 3000+ mission driven banks and credit unions, to find one near you.
Then use our 10 Steps to Break Up with Your Megabank ([link removed]) to actually move your money.
TAKE THE PLEDGE ([link removed])
..................
Cathy Cowan Becker
Responsible Finance Campaign Director
Green America
P.S. Don’t miss our upcoming webinar on Banking for Good: How Your Bank or Credit Union Has Impact. Join Green America, Hip Hop Caucus, Beneficial State Bank, Self-Help Credit Union, and Adelphi Bank for a powerful conversation on how your everyday banking choices can shape a more sustainable and equitable world. Register here. ([link removed])
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