Last week the Seattle city council unanimously voted to sever ties with Wells Fargo Bank over the bank’s funding of the Dakota Access Pipeline. Hours later, Davis, California followed suit. A few days later New York City Mayor Bill de Blasio publically indicated his interest and possible willingness to implement similar actions. In fact, NYC is beginning a full climate risk assessment of its $170 billion investment portfolio.
This is all good news. In fact many cities, particularly those of the Pacific Northwest who find themselves in the crosshairs of the fossil fuel industry’s pathway of destruction, are seeking measures aimed at combating climate change by stopping the spread of fossil fuel infrastructure.
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Seattle’s move cost the pipeline-funding Wells Fargo Bank about $3 billion. It’s a good start. Economist & Professor Richard Wolff, author of Democracy At Work: A Cure for Capitalism, reminds us that “historically, boycotting has been one of the most powerful and effective tools the people have against wealthy elites.”
In all, 17 banks are involved in funding the Dakota Access Pipeline. And 38 banking institutions are funding another monstrosity, the proposed Bakken pipeline, which would stretch from Canada to the Gulf of Mexico and from here to climate catastrophe.
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