Fueling Fossil Fuels: Arcata Protesters Call Out Banking Giants for Their Investments

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ARCATA Calif. (KIEM) Marching through Arcata, climate activists and demonstrators put pressure on major banks including Wells Fargo and Chase, over ties to the fossil fuel industry.

“The banks are investing by making loans and so forth in expanding the fossil fuel infrastructure… That’s what we want the banks to stop doing,” said Annette Holland, a volunteer with the organization Third Act. 

Climate change was at the heart of their concerns. Holland explained that the Intergovernmental Panel on Climate Change recently came out with a new report that stated, “the window of opportunity for taking action to avoid the worst effects of catastrophic climate chaos is closing faster than they had thought,” Holland said. 

The recent IPCC report also states that reaching the 1.5°C climate goal, “requires the mobilization and better integration of a range of policy instruments that include the reduction of socially inefficient fossil fuel subsidy regimes and innovative price and non-price national and international policy instruments.”

350 Humboldt Activist Jamie Blatter said that she dropped Wells Fargo today for a more sustainable option. 

“I officially canceled my accounts with Wells Fargo today, and I’m switching over to ATMOS Bank, who is a bank that only invests in climate-positive companies,” Blatter said. 

The group of demonstrators walked across town from the Wells Fargo bank to the Chase bank, singing and chanting along the way. 

Event Organizer with Humboldt Unitarian Universalist Fellowship, Valerie Gizinski suggests finding an alternative if you’re currently using a big bank. 

“Do the research to find greener credit cards from banks that invest in our communities and in life-affirming projects,” Gizinski said. “Also, make sure that our institutions do the same with the public monies that we entrust to them”.

To find more sustainable banking options you can visit thirdact.org. Third Act is a great resource that assists with climate-conscious financing options.