Above photo: Fossil fuel protest held in Northampton against banks. Nate Gagne.
Banks that fund fossil fuel operations are just as guilty as the fossil fuel companies themselves: that was the message delivered to TD Bank and Bank of America at their branch locations in downtown Northampton, MA, on Saturday morning. Protesters demanded that the two banks “stop the money pipeline” by ending all loans and investments in the fossil fuel business and diverting those resources to the renewable energy sector.
Participants funneled bags of cash into a giant model oil pipeline constructed out of cardboard. Pedestrians were invited to share their opinions on the alternative projects that the banks could be funding. Many people stopped to share their proposals for community-owned solar projects, community agriculture, and other programs by posting green dollar bills on a white board entitled “What Future Do You Want to Fund?”
“The financial sector has the power to catalyze the transition to renewable energy that our world desperately needs,” said Sue Donaldson, who helped organize the action. “Unfortunately financial giants like Bank of America and TD continue to fund climate crimes on a massive scale.”
Bank of America and TD are both among the top ten funders of climate destruction. From 2016–2021, Bank of America provided $232 billion in financing for the fossil fuel industry, while TD provided $141 billion. These figures are detailed in the March 2022 report Banking on Climate Chaos, compiled by the Rainforest Action Network, BankTrack, the Indigenous Environmental Network, Oil Change International, Reclaim Finance, the Sierra Club, and Urgewald.
The action was organized by the “Stop the Money Pipeline” working group of Climate Action Now. Stop the Money Pipeline is an international campaign of over 175 organizations fighting to stop financial institutions from funding dirty energy. The campaign is committed to the rapid decarbonization of our economy and to principles of equity and justice. Its central demand is straightforward:
We demand that banks, asset managers, insurance companies, and institutional investors stop funding, insuring and investing in climate destruction. They need to stop funding fossil fuels and deforestation and start respecting human rights and Indigenous sovereignty.
Locally, Climate Action Now and Extinction Rebellion are active members of the campaign. They were joined at the action by members of UMass Amherst’s Environmental and Social Action Movement, Mothers Out Front, Franklin County Continuing the Political Revolution, and other area groups.