Stop Bank of America From Financing Climate Disaster

Target: Bank of America CEO, Brian Moynihan

Goal: Call on Bank of America to drop its investments in fossil fuel companies.

Big banks, like Bank of America, continue to be driving forces of the climate catastrophe because they fund the expansion of fossil fuel companies. Bank of America was among the top five banks contributing funds to fossil fuel corporations, according to a GreenPortfolio report. The bank invested a total of $32 billion in 2021 alone. Since 2016, Bank of America has given $232 billion in investments to the very companies wreaking extreme environmental havoc on our planet. This put the company among the top banks financing fossil fuels over that time period.

When big banks invest in fossil fuel companies it isn’t doesn’t just jeopardize our environmental safety, it puts us at a collective financial risk too. The Sierra Club Foundation is cited in a recent Vox article arguing that banks put “long-term stability and gains at risk by pouring money into a dying industry” – this exposes us all to financial instability. When global oil demand went into a free fall in 2020, big banks like JP Morgan advocated for federal stimulus money to go to oil companies so they could protect their investments. Sierra Magazine reports that the Trump administration gave oil, gas, and other petrochemical companies between $3-7 billion in Covid relief funds. This money came out of funds intended for small business relief.

Bank of America must immediately divest from the fossil fuel companies. Putting money into fossil fuels not only contributes to the pollution of our planet and the climate catastrophe, it’s also a risky investment that will likely keep requiring taxpayer bailouts. Sign this petition to add your voice to the calls for fossil fuel divestments.

PETITION LETTER:

Dear Mr. Moynihan,

In 2021 Bank of America invested $32 billion in fossil fuel companies. In fact, since 2016, your bank has given a total $232 billion to these destructive corporations. This has consistently put Bank of America in the top five banks contributing financially to fossil fuels.

Bank investment in fossil fuel companies is a driving force of the climate catastrophe, because those funds allow for the further expansion of destructive environmental practices that we should instead be reeling in. But these investments don’t only have a negative impact on our environment, they are increasingly risky financial decisions which siphon money away from green projects and toward dying industries – potentially at the taxpayers’ expense.

You must do everything in your power to stop Bank of America’s investment in fossil fuel companies. These investments have negative consequences for us all. As your institution is one of the top investors in fossil fuels among banks, if your company divests it would have significant impact on the fight against climate change.

Sincerely,

[Your Name Here]

Photo Credit: Tony Webster