Fight climate change with your finances
Since the Paris climate agreement was signed in 2016, banks have financed more than $6.9 trillion in oil, gas, and coal companies, and nearly half of that went to expanding fossil fuel production. From 2016-2023, the top three polluter-friendly banks were JP Morgan Chase, Citigroup, and Bank of America.
Though these banks are huge, individuals can still have an influence. Activists have long pushed for banks and other large institutions to divest from fossil fuels. In the summer of 2024, protesters gathered outside Citigroup’s headquarters in New York City to demand they stop funding oil, gas, and coal companies. On a smaller scale, people can protest by moving their money out of banks that finance climate pollution and into greener alternatives.
If you take action, spread the word. Individual solutions become collective when you talk about them with your communities. Teaming up with others to petition banks to divest dirty energy projects can also grow your impact.
Actions to try and stories to read
1) Check your bank’s fossil fuel investments and consider switching to a cleaner bank
- Inside my quest for a climate-friendly bank
- Online bank funds climate solutions, not fossil fuels
- A new bank specializes in climate-friendly financing
2) Divest your retirement account
- Your 401(k) might be feeding the climate crisis
- How can I make my retirement plan climate-friendly?
- California students pressure state to divest teacher pension funds from fossil fuels
3) Set aside money for disaster recovery and prepare documents for insurance claims
- How to prepare your finances for an extreme weather disaster
- Gather them now: the documents you’d need to file a FEMA claim
- Better access to banks can help Latinos recover after disasters
