The climate crisis is funded by our banks.
Banking for Climate is an initiative of high net-worth individuals, families, and businesses pressuring our banks to stop funding fossil fuel expansion, the most crucial and time-sensitive step to protect the livability of our planet.
Despite promising pledges to reach “net zero financed carbon emissions” by 2050, our banks continue to fund the expansion of the fossil fuel industry.
Since 2015, banks have invested almost $4 trillion in the fossil fuel industry, including billions to expand the supply and demand for fossil fuels. Despite public pledges to reach net zero financed emissions by 2050, our banks are accelerating the climate crisis.
We are at a critical moment. Time is almost up.
The scientific community agrees that we must take action now to avoid even more catastrophic and costly climate change events. Global carbon emissions must be halved by 2030. We must reach “net zero” carbon emissions by 2050 to keep our global temperature increase below 2c. This task is greater in scale and speed than humanity has ever faced.
The 2021 International Energy Agency report clearly states: net zero carbon emissions by 2050 will only be attained with “no investment in new fossil fuel supply projects.”
Fossil fuel expansion blocks the growth of a carbon-free economy.
New fossil fuel projects have a 50 year depreciation timetable; they lock in increased emissions and pollutions for decades past “net zero by 2050.” Increased cheap fossil fuel supply blocks the speed at which renewable technologies can maximize their market share.
Your Voice Matters
High net worth families, businesses and foundations often invest in powerful impact investments to move us to a carbon free future and de-accelerate climate change. Meanwhile, our banks—the banks that steward our money, are funding the acceleration of the climate crisis. Your bank is working against your own economic well-being, as well as the future of life on this planet as we know it.