"Capitalism is straight up behaving like a suicide machine. What would it look like if we rewired this suicide machine to be part of the process of healing ecosystems and supporting life?"
This quote was taken from a conversation between Ayana Elizabeth Johnson and Bill McKibbon about the role of corporate money in the climate crisis, in the new book, "What if We Get it Right: Visions of Climate Futures."
Here's one thing I learned:
The 4 largest American Banks - JPMorgan Chase, Citibank, Wells Fargo, and Bank of America - are by far the biggest lenders to the fossil fuel industry. They lent out over $1 trillion for fossil fuel companies to EXPAND extraction since the Paris Climate agreement was signed by countries all over the world.
This means if you have investments sitting in one of these banks, that money is being used to build NEW projects that will emit even more giant clouds of carbon!
What to do???
One thing you can do is go local... look for a credit union to work with.
The system of credit unions has become extremely robust in recent years, and most offer federally insured deposits and comparable financial products like online banking, business accounts, IRAs, CDs, mutual funds... with lower fees and higher interest rates than a bank. And since they are member- owned, the profits get channeled back into the system so they can offer those higher rates, instead of into the pockets of bankers and shareholders.
Plus, chances are good that the credit union is not lending your money for fossil fuel expansion projects... although you could always ask. Your voice will likely be heard because credit unions are fundamentally community focused.
I have been a member of credit unions everywhere I have lived as an adult, including in Seattle, Wisconsin, New Mexico, California, and now Central NY. As a new transplant to these places, I have found this to be a great way to support the local economy and connect to my community.
"A world that is more localized is not a perfect world... But it's a world where you're more connected to the things around you."