Banks must do more amid climate crisis

Published: 07-02-2023 3:22 PM

Our community has been experiencing the effects of climate change, and I worry about the future and the climate extremes that coming generations will experience. April was “Earth Month,” and the theme this year was to “Invest in People and the Planet.” So, I wonder why big banks like Bank of America, Chase, Citibank, and Wells Fargo, are still investing in the expansion of dirty fossil fuels that are causing such climate destruction.

According to the report Banking on Climate Chaos, these banks have invested more than $1 trillion in fossil fuels since 2016! The recent IPCC report says that “feasible, effective, and low-cost solutions” are readily available but aren’t being scaled-up at the necessary speed. This spring, the big banks should adopt the pending shareholder resolutions on climate change at their annual meetings and commit to accelerating their investments in clean energy and divest from coal, oil, and gas.

James Matus

West Chesterfield

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