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Responsible Banking and Investing

Environmental and human rights violations are widespread within the banking industry due to unsustainable investments.

Proceeds from investments in PetroChina directly fund the Sudanese army and Janjaweed militia and subsequently the genocide in Darfur. Banks have also been criticized for profiting from apartheid in South Africa and supporting other abusive regimes.

Bank of America has funded environmentally devastating mining in the Appalachians.

Citigroup, Morgan Stanley (Discover Card) and Merrill Lynch funded new coal-fired power plants in Texas.

Canadian banks including BMO, CIBC, RBC, Scotiabank and Toronto-Dominion fund oil, gas and forest clear-cutting.

Citigroup, Merill Lynch and Morgan Stanley funded the Three Gorges Dam which is considered on of Chian’s most environmentally damaging projects, and “…Sets records for number of people displaced (more than 1.2 million), number of cities and towns flooded (13 cities, 140 towns, 1,350 villages), and length of reservoir (more than 600 kilometers).

There are other options. Take Action to end the era of irresponsible lending and ensure investments in sustainable projects.

We need to limit the power of the big banks and create a more sane, stable financial system. Move your money out of the “Too Big To Fail” banks and into local community banks and credit unions. These smaller financial institutions are typically more conservative about how they manage their money, they’re more closely connected to the people and businesses who live near them and they’re more inclined to make loans they know will get paid back. In other words, they have the values that more people would want banks to have. Plus, they tend to have fewer fees and offer better returns for consumers. It’s neither a conservative nor liberal idea; just a way for individuals to vote with their dollars and create a better financial landscape.

We vote with our dollars when we shop, eat and when we bank. I hope you will consider making a switch to a more sustainable bank.

Find an environmentally and socially responsible bank near you and move your money today! http://moveyourmoneyproject.org/find-a-bank

Network Leader: Dana Frasz
 

44 weeks ago

 

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