We are breaking up after 40 years
My husband and I are sadly considering saying goodbye to our long-time relationship. Not with each other, but with our bank. We’ve been customers for 40 years but are considering a change because of what we’ve learned about how Wells Fargo invests the money we entrust to them. We’ve learned that between 2016 and 2021, Wells Fargo provided $272 billion in lending and underwriting to the fossil fuel industry, making them the third largest lender to the industry among global banks.
Fossil fuel projects by companies like these devastate our communities. The atmospheric pollution they unleash results in wildfires, drought, intense hurricanes, flooding, sea level rise, and habitat loss.
Serious scientists agree that if we don’t stop expanding the fossil fuel industry now, we will not be able to hold global temperature rise to 1.5 degrees Celsius, the level that the world’s nations agreed, in the Paris climate accord, might give humans a chance to prevent disastrous climate chaos. Scientists have warned us that we have only one decade (a decade that’s nearly 1/3 gone) to make the huge changes that are needed if we want to avoid irreversible catastrophe to the life-support systems that humans rely on, along with countless other creatures.
When I’m unable to sleep, worrying about what kind of future our grandchildren will inherit, I know I’m not alone. I’m sure many of us want to do whatever we can to help undo the damage our civilization has caused.
Everyone I know who has children or grandchildren wants them to have a happy life. If we saw one of them fall onto a track in front of an approaching train, I have no doubt that we would jump onto the track — risking our own lives — to save them. It doesn’t make sense to me, given the severity of the danger climate chaos poses to future generations, that we aren’t doing more to help them.
My husband and I have found Third Act (ThirdAct. org) — an organization founded by Bill McKibben — to be an invaluable source of information and inspiration for people over 60 who want to support the younger generations who are working so hard to try to secure a sustainable future on our precious planet. Third Act is encouraging people to notify the four biggest banks funding climate destruction — Chase, Citibank, Wells Fargo, and Bank of America — that we do not want our hardearned savings used to fund fossil fuel development or deforestation. We want to support a transition to net zero emissions energy development, affordable housing, and other projects that can actually help our communities.
On Tuesday, March 21, there will be demonstrations all over the country. Here in Humboldt County, Third Act is sponsoring a demonstration starting at 1 p.m. The plan is for people to gather peacefully outside the Arcata Wells Fargo to hold signs, sing songs, and cut up symbolic bank or credit cards, then walk to Chase Bank and back to the Arcata Plaza.
Third Act is also asking people with accounts held by these four big banks to sign a pledge, saying that unless they phase out fossil fuel investments, we will move our accounts and credit cards to banks whose investments reflect more concern for our climate and for earth’s life support systems.
It won’t be easy for us to leave our bank. We’ve been customers since we moved to Humboldt County in 1982, and the local employees have always been friendly and helpful. But our deep concern about the future may give us no choice. Unless the corporate management of Wells Fargo quickly changes its investment policies, we’ll have to say goodbye. Even if breaking up is hard to do.