Fossil Fuel Divestment — Climate Jam Project

Fossil Fuel Divestment

How To Divest From Your Bank

Divestment is one of the best ways to hit the fossil fuel industry where it hurts: the money pipeline. By taking our money back from large, fossil-fuel supporting banks, we’re taking funding directly out of the pockets of the fossil fuel industry. This is arguably one of the most important individual actions we can take — besides voting for climate-forward politicians — to address the climate crisis. Here’s how to do it:

Step 1

Find a new community development bank or credit union. Be sure to ask about fees, services and the details about the banking products you need. Make sure the institution you select is FDIC or NCUA-insured.

Banks to switch to

 

PURPOSE BANK

What They’re About: A vegan and cruelty free bank that’s also sustainable and socially responsible. They never fund factory farming, fossil fuels, animal testing, predatory lending, weapons, tobacco, deforestation, palm oil or private prisons.

Pros: No monthly fees, foreign transaction fees, overdraft fees or minimum balance. 50% of your deposits finance underserved communities, women and minorities and sustainable projects. Purpose rewards you for supporting vegan businesses and brands. FDIC insured.

ASPIRATION BANK

What They’re About: Aspiration Bank is a certified B Corporation and 1% for the Planet Organization. They never fund the oil or coal industries. Aspiration offers a credit card and different checking options that give you access to your own personal impact score.

Pros: Turn on a setting to reforest while you shop, access 55,000 fee-free ATMs, get your direct deposit paycheck two days earlier than normal. 10% cash back from mission focused retailers. Everything is encrypted and FDIC insured. You choose your own banking fees based on what you think Aspiration deserves. They offer sustainable investment portfolios and IRA accounts.

BENEFICIAL STATE BANK

What They’re About: Beneficial State Bank, aims to create a new, fully inclusive, racially and gender just, and environmentally regenerative economy. The Bank has a variety of offerings, including commercial banking to B Corporations, small businesses and do no harm enterprises. You can view their impact through regularly generated Impact Reports. Beneficial State Bank is unionized and does not fund illegal products, discrimination, weapons, predatory lending, energy sources, resource extraction, incarceration or punishment or contra-mission transactions.

Pros: Unlike other green banks, Beneficial State Bank offers auto-loans, Apple Pay and Google Pay. They offer an equitable pricing model for their services. Checking accounts include multiple tiers and unlimited debit card transactions, among other benefits. They offer multiple, charity-based credit cards.

AMALGAMATED BANK

What They’re About: Amalgamated Bank is a socially responsible bank committed to advocating economic justice for all. They care about climate justice, immigrant rights, LGBTQ+ rights, anti-violence and gun safety, criminal justice, workers rights, reproductive rights, voting rights and racial and economic justice. The bank itself is net-zero and powered 100% by renewables. They will never lend to fossil fuel companies and offer training programs for employees on climate justice and other social issues.

Pros: They work with business owners and are a certified B Corporation. They work campaign hours and work side by side with unions. They offer an ESG investment platform and are completely divested from carbon risks. They also have physical locations.