U.S. Banks have done $2.7 Trillion in Business with Fossil Fuel Companies over the past Four Years, and One-Third of that Money is spent bringing New Fields Online.
Once Banks Earn their Fees, they Securitize the Loan and Sell it to Small Investors.
Even a Marginal Change in Lending would Accelerate the Shift to Renewables.
1. We already have More Coal, Oil, and Gas than we can Safely Burn, but Banks are Rushing Loans to Fossil Fuel Companies anyway.
2. One-Third of these Loans will help bring New Coal, Oil, and Gas Fields Online, and these Last Fields will do More Damage than the Ones we have now.
3. We know these Loans are Trouble because Banks keep Advising their High Net Investors to Avoid Fossil Fuel Companies.
4. Public Shaming and Peer Pressure Works: When Goldman Sachs Restricted Lending for Arctic Circle Drilling, Chase and Wells Fargo followed.
5. Commercial Banks are so Big, even a Marginal Change in their Lending would make a huge Difference in Renewable Energy, and this New Investment would Accelerate the Ongoing Shift from Fossil Fuels to Renewable Energy.
6. To Manage this Problem, we need to be able to Measure it. Each Bank must Disclose its Financed Emissions so that Customers can Pick which Bank to use.
7. With Universal and Comparable Data, Bank Customers and Investors can Fix our Broken Energy Markets.
CLICK HERE to Read the Business Forward Concise, Easy-to-Read Reports to help you get Smart on the Issues.
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment