Mike Thinks: Top Bank CEOs Commit To Divesting Investments To Account For Climate Change

Thursday, April 11, 2019

Earlier this week, I wrote a short blog post about Mayor Eric Garcetti announcing that Los Angeles would divest investments away from fossil fuel corporations. Of course, the commitment requires banks to allow and advise investments geared toward the renewable energy sector. On Wednesday, the top CEOs from the high banks were called up to Congress to a Financial Services Hearing. Michigan Senator Rashida Tlaib pressed the panel of CELs to promise (make a commitment) to direct future investments by taking into account Climate Change.

Here is a short video (5:50 minutes) from a Tweet (@C-SPAN)of the top bank CEOs speaking about investing based on climate change:

.@Reprashida to panel of Global Bank CEOs on #climatechange: "Your companies' words are not consistent with your actions." pic.twitter.com/DdOghfsRCJ
— CSPAN (@cspan) April 10, 2019

The testimony in the video represents yet another nail in the coffin for the decline of the fossil fuel industry over the next few decades. Of course, the fossil fuel industry has significant investments in the renewable energy sector. Therefore, these large corporations are transitioning too. Although, the construction industry along with other areas need to get on board and commit to the transition.

Regardless, the testimony above is motivating to those concerned about the severe impacts of not taking action. Each of the heads of the banks realizes that the transition toward renewable energy is real. Furthermore, to ignore the onset of adverse impacts of climate change (and not taking action) could jeopardize their financial positions in the future world.

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