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Green Groups Call Out Big Banks for Pouring Billions Into Fossil Fuel Industry

Green Groups Call Out Big Banks for Pouring Billions Into Fossil Fuel Industry

Jessica Corbett, staff writer

A coalition of environmental groups called out 33 global banks on Wednesday for collectively giving at least $1.9 trillion to fossil fuel companies since world leaders adopted the Paris climate agreement in December of 2015.

The Planet to Banks: “It getting mighty hot, now! I have about had it!”

The Banks to Big Oil: “We’re going to have to raise interest rates and shorten the terms of your loans.”

Banks create the overwhelming majority of money in the economy, they make most investment decisions (i.e., where the money goes in the economy, what does or doesn’t get built, etc.), and they have made decisions all around that are absolutely disastrous for society. We need public banking now, and we need to do as some at the Minneapolis Fed have suggested, which is to treat the banks as public utilities. They cannot be trusted to make decisions on investments like they have been, given the environmental crisis and the long term macro-economic trends in this country. But, we can’t even get the more “progressive” party to support single payer, even with the strong support people have for single payer. So, how likely is that party to take bribes from banks and then take them on? Harris, Booker Beto, they all will not do what the banks want. Booker and Harris have outwardly lobbied for the support of banks. Hard to have any hope with the rotten people running this political system. Whatever I want to say about Democrats, Republicans are almost always even worse.

I think lobbying them, begging them, or waiting for them to make investments that benefit society but not the owners of the banks is hopelessly naïve. We need to get serious. Public banking or public control, or nothing gets better. That is the reality.

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“Calling them out are ya?” Better yell louder cause they ain’t hearing you!

Bank of London controls all… Beto, Harris, Booker, etc need to be thrown in the garbage bin and get recycled.

Public/postal banks yes, but the burning of carbon has to stop by 2030. Fortunately it is technologically possible now, but will not remain so for long. Our best chance for survival of humankind might be two consecutive years (2019 and 2020) of monthly storms on the order of Superstorm Sandy and a couple of others since, and massive wildfires and floods everywhere, leading to coordinated actions and mobilizations by the governments of the largest nations. I’m not holding my breath, and unless they start in this country the odds are even worse. And I’m among the most optimistic people on this web site.

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We will be using a credit union.

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Been happy with mine for over thirty years. Yes to credit unions.

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I also think that there has to be something done about taking carbon out of the atmosphere. Carbon sequestration by trees is a good idea, not letting Brazil destroy the rainforest, etc. But technologies that do this too might be needed, although they have limits it seems. I don’t have tons of hope at this point, but it doesn’t help to just give up either.

Trees are almost certainly the best bet. Besides sequestering carbon with little or no operating cost, they could help to preserve indigenous communities against clearing for farming in areas ill suited to it, if we could get the economics right. Aye, there’s the rub. I think that if we are to survive we will have to create some top-down organizing of a massive effort from the bottom up, since those at the top are showing virtually no interest.

Check out this short film joan: