Financial Resistance Package

Earlier this month, the Sierra Club joined 15 other social-change organizations to announce that we would no longer do business with banks that finance risky fossil-fuel projects like the Dakota Access and Keystone XL pipelines. Makes sense, right? Why would we want our money used to help companies like Enbridge and TransCanada lock in dirty fuel infrastructure that could push the world past the Paris Climate Agreement’s objectives?

For that matter, why would anyone? Especially when good alternatives are available. That’s why institutions around the world, from big cities to corporations to pension funds, are committing to divesting from fossil fuels.

And so can you.

The unfortunate fact is that if you have any kind of an account with a big bank, you’re probably helping to fund projects that threaten our climate. The Dakota Access pipeline, for instance, has more than a dozen such banks funding it, including familiar names like Wells Fargo, Citibank, and Bank of America.

So here's what you can do: Find a small, independent bank or credit union where you can do your banking without worrying that your money will be used against your values. The Internet and online banking have made this a lot easier; most small banks and credit unions, for instance, will reimburse you for third-party ATM fees. If you don't feel ready for a new bank, at least consider changing your credit card to one, such as the Sierra Club credit card from Beneficial State Bank, that won't help finance environmentally destructive industries or projects (and, no, that doesn't mean you have to forego rewards points). People who've switched to the Sierra Club card have already kept more than $75 million from going through the kind of big banks that are funding fossil fuel projects.

And don't forget to let your former bank know why it lost your business.

But why stop there? If you’re an investor, why not make sure you’re investing in a future you actually believe in? Consider moving your investments to a fossil-free mutual fund. If your savings are through an employer's 401K plan, ask about making environmentally responsible mutual fund choices available, if they aren't already.

If you're looking for personal investment solutions, the Sierra Club has two partners you might want to check out. Green Alpha Advisors offers a Sierra Club Green Alpha–managed portfolio that follows the Sierra Club's own proprietary social and environmental criteria (for which it pays a royalty). The minimum investment with Green Alpha is $10,000.

Our newest partner, Aspiration, offers a suite of financial services that include a traditional mutual fund product that is both environmentally responsible and innovative. For instance, the company has a voluntary "pay-what-you-think-is-fair" fee structure. In other words, you decide how much you want to pay in financial fees based on the value you think you're getting. Aspiration requires only a $100 minimum investment. What's more, ten percent of whatever you do pay to Aspiration gets donated to microloans for low-income Americans. One more thing you should know: For every Sierra Club member or supporter who invests with them, Aspiration makes a donation to the Sierra Club.

We all know that money can help change the world for good or bad. So why not choose good?