Fossil Fuels

What do they have to do with banks?

Burning fossil fuels — that’s coal, oil and gas — releases huge volumes of carbon pollution. These “greenhouse gases” trap heat in the atmosphere, which warms the Earth and causes extreme weather disasters such as droughts, floods, and wildfires.

In 2018, the Intergovernmental Panel on Climate Change (a non-partisan UN body) reported that mining and burning fossil fuels accounts for 89% of the world’s carbon dioxide emissions.

And behind the headlines, statistics, and dire warnings are real people. There are human stories. People who see their homes and livelihoods destroyed, and their children’s health ruined. People whose lives are shortened and whose ancient relationship with nature is severed. Overwhelmingly, these are Black, Brown, and Indigenous communities.

Floods in Europe. Killer heat waves in Canada. Wildfires in California and Australia. Droughts in Africa and the US. All of us are facing climate disasters.

We're not all affected equally

The concept of “climate justice” recognizes that climate change disproportionately affects communities who have contributed the least to the problem – including Indigenous peoples, First Nations, and ethnic minorities. Colonialism and climate change go hand in hand.

Marginalized groups are often called “frontline communities” because they live near the busiest roads, most polluted areas, and dirty extraction sites. And they need to be first in line for the most effective solutions. But a safe and stable climate will benefit everyone living today, as well as generations to come.

Banks lend fossil fuel companies the funds they need to expand

The 2015 Paris Agreement was intended to move us away from fossil fuels. But every year since – except for a slight dip during the first year of the pandemic – banks have handed increasingly more cash to fossil fuel companies. If the world’s 60 biggest banks scrap these loans, bonds, and investments, the fossil fuel industry will be forced to change.

This is a powerful opportunity. This is our chance to ensure a livable world, where no communities are left behind.

No more digging,
drilling & burning

The climate is changing faster than even the most aggressive models predicted. After 30 years of dawdling, global emissions continue to rise almost every year. Everyone from the UN Secretary General to the International Energy Agency (IEA) – which was created to keep oil flowing – says we can’t afford new fossil fuel projects if we want a far and liveable world.

Oil, gas, and coal need to stay in the ground. That’s why together, we’re demanding that banks stop financing their extraction.

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