The movement is spearheaded by Third Act, an environmental activism group for Americans over the age of 60 — those who are in their “third act” of life. The protests aim to pressure Bank of America, Citibank, JPMorgan Chase, and Wells Fargo to cease funding of the fossil fuel industry.
According to a report from Rainforest Action Network, banks are the largest financers of oil, gas, and coal industry, with the aforementioned four largest banks accounting for 25 percent of all fossil fuel funds over the past six years — around $1.15 trillion.
Bill McKibben, who launched Third Act in 2021, told The Washington Post that the organization chose to put pressure on banks rather than government because they believe that will inspire the most direct change.
“In certain ways, if we can get the banks to shift, that would probably have more global impact than getting Congress to shift," he explained. "Washington doesn’t really run the world anymore. But Wall Street still kind of does.”
While young people are often considered the dominant force behind global environmental activism, McKibben also said that as a generation with power, time, and money, baby boomers have a "moral responsibility" to combat climate change.
“If you’re 65 now, you’ve been on this planet for something like 80 percent of the carbon dioxide that’s ever been emitted,” he said. “There’s a debt to be paid, and there are ways to pay it.”
While the movement urges customers to take their business elsewhere, McKibben stressed that the goal of the protests is to hold banks accountable, not to punish consumers.
“The key is to push them in the months ahead to shift," he said. "That’s more important than purifying your own wallet!”
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