The updated IPCC report released in 2018 synthesizes over 6,000 peer-reviewed studies on the science of our climate, and its findings are stark. We must reduce our global climate pollution by 45% by 2030 to curtail global warming to below 1.5°C ― or we will be witness to accelerating negative impacts to ecosystems and society. Achieving these reductions will require “a massive reallocation of capital.”
In spring of 2019, the head of the Bank of England, Mark Carney, and the Governor of the Bank of France, François Villeroy de Galhau, released a joint letter stating that the global financial system faces an existential threat from climate change: Physical damage from weather-related events, climate-driven displacement, the health impacts of global warming and the risk of a climate-inspired systemic shifts all threaten the global financial system.
To address these concerns, 350 Colorado is running campaigns focused on defunding climate disaster, including working to advance state-wide public banking as a more sustainable alternative banking model, calling on JPMorgan Chase to stop funding extreme fossil fuel projects to the tune of $196 Billion since the 2015 Paris Climate Agreement, calling on cities throughout Colorado to stop banking with wall street banks that are funding the climate crisis, a state pension divestment campaign as well as a campaign focused on the insurance industry, which underwrites and invests more than $450 Billion in the fossil fuel industry.
Want to get more involved? Join the Defund Climate Disaster/Divest-Invest Committee to receive ongoing action alerts and stay up to date with campaign planning.
How Can You Take Action?
- Learn about which banks have the worst records when it comes to climate. Read and the Banking on Climate Change 2019 Report here. The report reveals that the four biggest global bankers of fossil fuels are JPMorgan Chase, Wells Fargo, Citi, and Bank of America.
- Break ties with and boycott banks financing harmful projects. Select a financial institution that is not financing fossil fuel projects and infrastructure, such as tar sands oil, fracking, coal mining, and oil or natural gas pipelines. Credit Unions are a great place to start.
- Advocate for Public Banking. Visit https://coloradopublicbankingcoalition.org/ to get plugged in.
- Advocate for fossil free banking & pressure your employer and city to change who they bank with. Call on your employer or fund manager and encourage them to provide fossil free alternatives.
- Make no new investments in oil, gas, and coal companies. Sell investments in oil, gas, and coal companies, especially the top 200 reserve owners, within 3-5 years.
- Invest in a sustainable and equitable new renewable energy economy.
- Sign the Go Fossil Free: Divest-Invest Pledge and visit 350 Colorado’s Divest Invest Resource Hub to learn more at https://350colorado.org/promoting-solutions/divest-invest/
- If you are a Colorado Public Employees Retirement Association (PERA) member, join the Fossil Free PERA campaign, calling on our state pension fund to divest from fossil fuels and reinvest in a cleaner, renewable energy future. Get started by signing the Fossil Free PERA Petition: www.FossilFreeCOPERA.org
- Cut ties with insurers that insure or invest in fossil fuels. Call on your city or county to do so as well. Check out this Toolkit and learn more here.
Want to learn more about the role banks play in climate change? Check out this webinar.