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Your money is funding fossil fuels without you knowing it

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By illuminem briefings 🌎

· 2 min read


Illuminem summarizes for you the essential news of the day. Read the full piece on Wired or enjoy below:

🗞️ Driving the news: A new analysis by Project Drawdown reveals that the average American indirectly contributes to significant emissions through their bank savings, as banks often invest in fossil fuel and high-emission industries
• This contribution is comparable to the emissions from flying from New York to Seattle

🔭 The context: Most consumers are unaware of how banks utilize their deposits 
• Banks provide substantial loans to fossil fuel companies and other emissions-heavy industries, thereby playing a key role in financing carbon-intensive projects

🌍 Why it matters for the planet: Banking practices significantly impact global emissions, with major banks lending billions annually to fossil fuel companies 
• This financing enables the continuation and expansion of fossil fuel projects, which are contrary to the needs of reducing carbon emissions

⏭️ What's next: Switching to climate-conscious banks could substantially reduce an individual's indirect carbon footprint 
• These banks are less likely to finance fossil fuel projects, emphasizing the role personal finance can play in climate action

💬 One quote: "Where my money sits, that’s really important" (Jonathan Foley, Project Drawdown)

📈 One stat: The top 10 banks in North America lend between $20 billion and $40 billion to fossil fuel companies every year

Click for more news covering the latest on sustainable finance

 

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