Had a little fun with divestment today, and hopefully made a little bit of a difference in the world.
Turns out, TD Bank (and a few other Canadian banks) have been helping to fund the Dakota Access Pipeline. You’ve probably heard about it recently in the news, because it’s being constructed directly through the Standing Rock Siouxs’ home without regard for health and safety or cultural heritage. So in the interest of trying to stand up for indigenous folks, foil another attempt to keep petroleum at the center of the American economy, and just to feel like I’ve done something good, I’ve made it impossible for TD Bank to use my savings accounts to fund their projects.
Major banks continue to fund fossil fuel development projects, from coal mining to oil exploration to pipeline and refinery construction; this report from the Rainforest Action Network highlights just a few of the major culprits, and this report from the UK organization MoveYourMoney points out a few other banks with shady dealings in the fossil fuel sector.
So, what to do? Divestment is one solution; taking your money and making it inaccessible to banks lending to fossil fuel exploitation projects. Currently, Bank of America and Morgan Stanley lead the very slow turn away from big banks’ relationship with fossil fuels, and may represent some glimmer of hope for our futures. Another option is to use your money to support renewable technologies and companies developing new energy capture and storage methods, especially those that show promise as secure financial decisions while also offering a means of investing in the future of the planet.