Igrew up knowing that when you had extra money, you put it under a bed, stashed it in a book or a clock, or, if there was enough of it, it went into a savings account at a bank.

It hadn’t occurred to me that my bank account could be contributing to the climate crisis until I learned that since the adoption of the Paris agreement in 2015, 60 of the world’s largest banks have invested $5.5 trillion into the fossil fuel industry. And they’re using our money to do it.

When we deposit our paychecks, the money doesn’t just sit there. Generally, banking institutions will use our money for investments and loans to other individuals and businesses, including fossil fuel companies.

So I realized that one of the levers that I could pull to fight climate change would be to take my money out of banks that invest in fossil fuels. And I could use my skills as a journalist to figure out where to put my money instead.

One thing I learned in my research: It’s no surprise that I didn’t know my bank could be using my money for fossil fuel investments.

“I worked in financial services, and I didn’t even know where my money was going,” said Yejide Olutosin, director of the Business Climate Finance Initiative at Impact Experience, an organization that works with companies to assess their carbon footprint and find ways to reduce it. “So you imagine just the everyday person with the everyday chores and family and obligations. They don’t have the time.”

Read more...

3 comments