Most banks use your money to fund fossil fuel projects 👎
But some banks use your money to fund #climate solutions like solar ☀️
I spent dozens of hours over the last few weeks trying to find the best climate-friendly bank.
Here's what I learned 🧵
But some banks use your money to fund #climate solutions like solar ☀️
I spent dozens of hours over the last few weeks trying to find the best climate-friendly bank.
Here's what I learned 🧵
1. Most banks are still pouring trillions into fossil fuel projects.
Here's how much the top banks have lent since Paris:
@Chase: $316 billion
@Citi: $237 billion
@WellsFargo: $223 billion
@BankofAmerica: $198 billion
Source: @RAN's latest report - ran.org/wp-content/upl…
Here's how much the top banks have lent since Paris:
@Chase: $316 billion
@Citi: $237 billion
@WellsFargo: $223 billion
@BankofAmerica: $198 billion
Source: @RAN's latest report - ran.org/wp-content/upl…
2. Where you choose to bank has a direct impact on what projects do or don't get funded.
If you bank with @Chase or @WellsFargo, your money funds more oil rigs and coal plants.
If you switch to a sustainable bank, your money funds rooftop solar, wind farms, EVs, etc.
If you bank with @Chase or @WellsFargo, your money funds more oil rigs and coal plants.
If you switch to a sustainable bank, your money funds rooftop solar, wind farms, EVs, etc.
3. There are some amazing sustainable banks out there. But there are also some greenwashers.
Here were my top 3 favorites:
@ando_money
@joinatmos
@CleanEnergyCU
At these banks 100% of deposits go to climate solutions.
They're all awesome options.
Here were my top 3 favorites:
@ando_money
@joinatmos
@CleanEnergyCU
At these banks 100% of deposits go to climate solutions.
They're all awesome options.
.@Aspiration, on the other hand, is not so awesome.
When you deposit money at @Aspiration you aren't funding climate solutions.
Instead your money gets invested into "low carbon" investment funds.
But that's a bit misleading.
When you deposit money at @Aspiration you aren't funding climate solutions.
Instead your money gets invested into "low carbon" investment funds.
But that's a bit misleading.
For @Aspiration "low carbon" means investing in "less bad" companies.
It means investing in retail companies that push fast-fashion, for example.
To prevent a climate crisis we need to put as much money towards renewables, EVs, etc.
Your money won't do that at @Aspiration.
It means investing in retail companies that push fast-fashion, for example.
To prevent a climate crisis we need to put as much money towards renewables, EVs, etc.
Your money won't do that at @Aspiration.
The last thing I'll note on @Aspiration is their impact strategy.
Rather than financing EVs, they are telling millions of customers the solution to the climate crisis is to burn gasoline and offset it.
But the vast majority of offsets don't work.
Big thumbs down 👎
Rather than financing EVs, they are telling millions of customers the solution to the climate crisis is to burn gasoline and offset it.
But the vast majority of offsets don't work.
Big thumbs down 👎
4. Most of the accounts I signed up for took less than 15 minutes.
Switching from one of the bad banks like @Chase to a climate-bank is one of the easiest high-leverage things you can do.
Tip: Set a reminder on your phone to do it this evening or this weekend.
Switching from one of the bad banks like @Chase to a climate-bank is one of the easiest high-leverage things you can do.
Tip: Set a reminder on your phone to do it this evening or this weekend.
Alright, that's the 2 min version.
You can check out the whole 3,000 word review here - carbonswitch.co/the-best-clima…
If you enjoyed this, please do me a favor and retweet the thread to get it in front of more people.
Let's switch some bank accounts!
You can check out the whole 3,000 word review here - carbonswitch.co/the-best-clima…
If you enjoyed this, please do me a favor and retweet the thread to get it in front of more people.
Let's switch some bank accounts!
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