When people deposit money in banks, the banks use those funds to issue loans, including to fossil fuel companies and carbon-intensive industries. A new analysis found the average American indirectly creates emissions equivalent to flying from New York to Seattle each year through their bank deposits. Switching to a climate-conscious bank could reduce those emissions by 75%. Moreover, moving $8,000, the median bank balance, would cut one’s indirect emissions twice as much as adopting a vegetarian diet. While large banks lend billions annually to fossil fuels, smaller banks like credit unions are less likely to finance big oil projects.
That’s how banks work
ATMOS bank, which I use, claims to only fund renewable energy projects. I heard about it from ClimateTown, a YouTuber with an environmental degree of some sort.
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When people deposit money in banks, the banks use those funds to issue loans, including to fossil fuel companies and carbon-intensive industries. A new analysis found the average American indirectly creates emissions equivalent to flying from New York to Seattle each year through their bank deposits. Switching to a climate-conscious bank could reduce those emissions by 75%. Moreover, moving $8,000, the median bank balance, would cut one’s indirect emissions twice as much as adopting a vegetarian diet. While large banks lend billions annually to fossil fuels, smaller banks like credit unions are less likely to finance big oil projects.
That’s how banks work
ATMOS bank, which I use, claims to only fund renewable energy projects. I heard about it from ClimateTown, a YouTuber with an environmental degree of some sort.