Move Your Money
Banks: The Good and the Bad
Where you bank is important: Your money can make a 10X impact when it's in a bank (the bank uses it to finance other projects). That's 10X for or against the climate crisis. Check out Rainforest Action Network's analysis of the worst banks. When you're ready to move your money, consider these options:
Four Banks to Explore
Finding a Better Bank
The Consumer Financial Protection Bureau has a great guide for how to switch banks.
Switching? Let your OLD Bank know why! Send a note to your bank's CEO.
Insurance companies lend money for fossil fuels, like coal. If Coal can’t get insurance it can’t continue to operate. Coal kills more than any other fuel today and it’s the worst for greenhouse gases too.
Insurers to Avoid
Most US insurers are not doing enough to get out of coal. The following have over $2 billion in coal, take in over $1 billion from California sources (2017 numbers) , and haven’t made a noticeable shift since 2017:
- Liberty Mutual
- The Hartford
There are way too many bad investments to list. Index funds give you about a 10% investment in fossil fuels. Many so called “Ethical” or environmental funds do not have good policies – check what is actually being invested in!
Tools to Find Ethical Investments
These are some tools to help you find new funds or companies that are are fossil free – or committed to become so.
Find Fossil Free Funds and see how much of your current funds include fossil fuels.
Find 850 companies that are engaging with the science target process and 350 that have set explicit science based targets for themselves.
Note: This means companies can currently have fossil fuels as part of their business. It also just rates them on Climate Science not any other impacts.
Maintains the Heart Rating which gives a full picture of the Environmental and Social impacts of funds.
Also an B Corp Investment advisor – but has a high minimum.
Closing thought: Research from Make My Money Matter, insurance firm Aviva and data analytics company Route2 finds that choosing a “green” pension could have an impact on an individual’s carbon footprint that is 21 times greater than the combined impact of giving up flying, going vegetarian and switching to renewable energy.