Finance

Anyone with any sort of bank account, whether it's a regular current account, savings account, or pension, almost certainly has invested in fossil fuels without knowing about it. Most of the worlds major banks are pouring $1.9 trillion into fossil fuels in 2019 alone, and with many of those companies now getting bailouts with taxpayer money, you're funding fossil fuels twice.

I'd rather take the money out of the hands of bankers who keep making terrible choices, and give it to those betting on solutions to the climate crisis. This is no longer a radical position, with major asset managers like BlackRock and Axa SA choosing to divest from fossil fuels.

BlackRock’s strategic shift is also driven by self-interest. That’s encouraging, as such initiatives tend to outlast moral outrage. Heat from activists, like the BlackRock’s Big Problem campaign, helped, but Fink argues he is making sustainability the new standard because it makes financial sense. The surge of inflows into the firm’s environmentally friendly funds last week will encourage that view. -- Bloomberg.com

This is not even for altruistic reasons, they see it as a sound financial choice. It's a sound choice for them and a sound choice for us, as smaller "investors".

It’s a common misconception that investors have to give up financial returns to make a positive impact. A benchmark study published by Cambridge Associates found that impact investing can capitalise on long-term social or environmental trends to compete with, and at times outperform, traditional asset class strategies. -- EQ Investors

Whilst some asset managers are covering their revenue, others like Chris Hohn are using their capital to bully companies into going green! Most of us don't have $30 billion to throw around, but we can still divest from banks, tell them why we're leaving, and choose to bank with ethnical banks instead. Protests and boycott's like this are how personal action becomes collective action. When enough people demand change that it creates profitable trends, they've got to make the change sooner (rather than later).

For better or worse, the climate crisis and money are intrinsically linked, so put your money somewhere beneficial for everyone, instead of funding these moneygrubbing idiots using our savings to sustain their dying industry.

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