SACRAMENTO — The Third Act “Banking On Our Future” campaign will hold a street protest on Monday, September 12 from 11 a.m. to 1 p.m. opposing the fossil fuel lending practices of three banks: JP Morgan Chase, Bank of America, and Wells Fargo. The activists will meet at 1590 West El Camino Ave., on the corner of Truxel Rd. and West El Camino Ave.
Third Act Sacramento members are concerned seniors over 60 joining together to protest these top 3 banks' continued funding of the Fossil Fuel industry while the world screeches closer to the edge of Climate Crisis, according to Dr. Goli Sahba of Third Act Sacramento.
“Chase is the world's worst banker of fossil fuels out of the 60 financial institutions studied by the Rainforest Action Network 2021 report, followed by Citigroup, Wells Fargo, and Bank of America having loaned in the last five years $316 B., $237 B., $223 B., and $198 Billion respectively,” said Sahba. “Our group as well as the National ThirdAct.org is made up of concerned senior citizens who are committed to use our energy and resources to fight to stabilize our Climate and Democracy.”
“With our efforts, tens of thousands of Americans have so far pledged to divest from these banks if they do not make plans to Divest from Fossil fuel companies by the end of this year! For the sake of a livable future for all of Earth's species we will take these nonviolent actions to stop these largest funders of Climate Destruction- the Fossil Fuel companies. We encourage all who care about the future of their grandchildren, and of this beautiful world to consider taking the pledge at Thirdact.org and to join our cause,” Sahba concluded.
Since the Paris climate accords were signed, Chase, Citi, Wells Fargo and Bank of America have loaned the fossil fuel industry a trillion dollars.
Each $1 million reinvested from fossil fuels to green energy results in a net increase of five jobs—often unionized jobs in solar and wind farms, according to Political Economy Research Institute at the U. of Massachusetts.
The International Energy Agency said last year that if we wanted to meet the Paris climate targets limit to 1.5 degrees “there can be no new investments in oil, gas and coal, from now – from this year.”