The Guardian reports that climate activists swarmed parts of New York and San Francisco on Monday afternoon, demanding that banks enact actionable climate resolutions on the eve of their annual shareholders meetings – when crucial decisions about fossil fuel funding are made.
In a nutshell:
The latest report last week from Banking on Climate Chaos, an organization that tracks bank financing for companies in the fossil fuel industry, found that US banks had loaned over $4.6 trillion to the fossil fuel industry since 2016, the year the Paris climate agreement was struck.
Key quote:
“It is the financial companies which are at the intersection of funding climate chaos. It is the pressure point that we can work. We’re hoping to get the employees to realize they have power.” — Mark Graham, an Extinction Rebellion member and former Citigroup employee.
Big picture:
Activists have been increasingly vocal and confrontational about pressuring financial institutions to dial back or even pull the plug on fossil fuel funding, but red states have been moving to discourage, punish and legislate out of existence any such notions. The climate component is part of a broader movement known as ESG investing. (environmental, social, and governance). ESG investing has been a popular point of derision for the GOP with Ron Desantis spearheading an 18-state alliance calling for a ban on the practice.
Read the full Guardian story here.
Related coverage:
With executive order, Sununu adds fuel to ESG investing debate
Wisconsin Republicans pass bills to block government from curbing fossil fuel use
Firearm, fossil fuel boycotts prohibited under Iowa investment strategy bill
