Banking on Our Future Project:
Stop Helping Big Banks Fund Climate Destruction
By Tammis Dowling
It’s right that young people are leading the fight for renewable energy and against expanding fossil fuels. They will have to live longer with the effects of climate change.
But older people have a key role to play too, especially when it comes to persuading the big banks to stop lending for fossil fuel projects. Since the Paris Climate Accords were signed seven years ago, big banks have continued to lend trillions for destructive energy projects. That’s mostly our money, because Baby Boomers and the Silent Generation own 70% of the country’s financial assets.
That’s why Third Act created the Banking on Our Future project. We have taken a pledge to close our accounts and cut up our credit cards from the big four banks—Bank of America, Chase, Citi, and Well Fargo—if they don’t stop funding climate destroying projects. The key is acting together. If you just cut up your credit card this afternoon or switch your bank account tomorrow, it will be a noble gesture—but one that’s likely to go unnoticed. We need to be acting in larger numbers. That’s why Third Act is going to spend this year organizing, leading up to a moment at the end of 2022 when banks can decide whether or not to go along with our requests.
Here’s where to sign the pledge https://thirdact.org/what-we-do/banking-on-our-future/
Although the project is spearheaded by the older generation, of course we urge everyone to sign the pledge. Those who don’t bank with the big four can still sign a pledge that they never will. Third Act will also help with resources for finding alternative banks with climate-friendly policies.
It’s particularly important that we support this effort in Delaware. Not only is our state a banking and credit card center but we also are the lowest lying state in the country, making us more vulnerable to the effects of sea level rise.
We spent our lives saving for retirement and we don’t want our money to be used to bankroll climate destruction for our children and grandchildren.