When the profits of financial institutions come at the expense of communities, ecosystems, and the atmosphere, it is past time for them to change.
Ironically, the continued financing of fossil fuels is also becoming a risky strategy for banks, even on purely self-interested grounds. With a grassroots global climate movement gaining strength daily, the unprecedented pressure on global political leaders to act on climate and transition away from fossil fuel-based energy will only grow in strength and urgency in the coming years. And by 2050, rising sea levels are on track to submerge parts of Lower Manhattan, along with the rest of New York City. We hope, for everyone’s sake, that it will not take water seeping into the lobbies of Wall Street office towers at mid-century for executives at banks and other financial institutions to understand that when it comes to climate change, their fates are bound up with everyone else’s.