background image

Your money is funding fossil fuels without you knowing it

author image

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


Did you enjoy this illuminem voice? Support us by sharing this article!
author photo

About the author

illuminem's editorial team - providing you with concise summaries of the most important sustainability news of the day.

Follow us on Linkedin, Twitter​ & Instagram

Other illuminem Voices

Related Posts

You cannot miss it!

Weekly. Free. Your Top 10 Sustainability & Energy Posts.

You can unsubscribe at any time (read our privacy policy)