It may seem disconnected from the environment, but when you dig a little deeper, you might start to see the connection your bank has to industries that are expediting the climate crisis and working against the best interests of its customers, like you. From pipeline investing to raising the minimum wage, today we’re showing you the good, the bad, and the ugly sides of the best and worst banks for the world and its inhabitants!
You’ve probably heard of the Dakota Access Pipeline, and by now it might be a foggy distant memory in the onslaught of environmental atrocities that have taken place since, but did you know your bank, and effectively your money, may have been one of the largest investors of this monster? Here is a list of the banks which used your money to invest in the 3.8 billions dollar menace we call DAPL:
- Wells Fargo, Citibank, Chase, Bank of America, ING Bank, Suntrust, Goldman Sachs, HSBC, TD, Deutsche Bank, and a handful of other international banks.
For a bit more insight on just how bad your bank might be, the amount of money invested into climate changing activities around the world by this group of banks alone has reached nearly 2 trillion dollars. A simple switch is a step towards global change!
[Fossil fuel financing by year via Rainforest Action Network]
You probably think the business of money is completely tainted, but there are a few banking options that can keep the dirt out of your pockets. Consider switching to a credit union. Credit unions are democratically owned, and while commercial banks have an obligation to provide profits to their shareholders at any cost, credit unions have only their members to worry about; meaning no voice is too small and people (and the environment) are placed above profits.
Among the good are a handful of banks as well! Banks like Amalgamated Bank, have used their voice and power to create positive change for the environment, its workers, and its members. Amalgamated is the first US bank to endorse UN principles, has committed to making zero political donations to climate change deniers, and has denounced investing in dirty energy while implementing corporate transparency for all to see.
Companies like Aspiration are changing the way we bank as well! While there are no physical locations, the company has a variety of banking and investing options, all of which carry the same promise: Investments are carried through sustainable companies, deposits don’t do towards pipelines or other environmentally harmful investments, and no fees are contributed to politicians working against sustainable energy and environmental initiatives.
For more environmentally friendly banking options click here!