Third Act Sacramento is organizing a Valentine’s Day themed street protest demanding that Wells Fargo protect our loved ones and future generations by halting funding for fossil fuel projects.
Seniors and others will meet on Friday, February 10, 11:45 at Crocker Park on N & 3rd Streets, and march to the Wells Fargo bank at 400 Capitol Mall, according to a press statement from Third Act Sacramento. Through dance and other creative actions, this Valentine’s Protest strives to alert the public and give notice to the banks to stop funding fossil fuel projects.
“As members of ThirdAct Sacramento we are rising up to demand that our savings be used to expand renewable energy instead of Wells Fargo’s funding deforestation and fossil fuel projects. And as elders and grandparents we rise to demand that Wells Fargo and the top 4 banks funding Climate Chaos, Chase, Wells Fargo, Bank of America and Citibank to commit to phasing out funding of these dangerous energy sources which will deny a livable climate for future generations,” stated Luke Wilson, co-chair of the Sacramento ThirdAct.
The #1 funder of fracked oil and gas projects throughout the world, Wells Fargo, has been accelerating the destruction of our beautiful planet, increasing its investments in fossil fuels by $20 billion in the last year alone (source: Banking on Climate Chaos : Fossil Fuel Finance Report). Wells Fargo is helping to perpetuate a dangerous and dying industry whose pollution has been documented to kill approximately 8 million people per year (Source: www.ran.org/uploads/2022/03/BOCC_2022_vSPREAD.pdf)
In fact, in the six years since the Paris Agreement was adopted, Wells Fargo has loaned more than $272 billion to the fossil fuel industry (source: thirdact.org). In addition, over the last six years, the bank has loaned $37 billion to the most aggressive companies working to expand fossil fuel operations. However, “there is no need for investment in new fossil fuel supply in our net zero pathway.” according to the International Energy Agency (IEA).
Chase Bank is the top lender to fossil fuel companies out of the 60 financial institutions worldwide studied by Rainforest Action Network. Chase is followed by Citigroup, Wells Fargo, and Bank of America.
In the last five years, these four banks loaned $382 billion, $237 billion, $223 billion, and $198 billion respectively to fossil fuel companies. In total, since the Paris Climate Accords were signed, Chase, Citi, Wells Fargo and Bank of America have loaned the fossil fuel industry over a trillion dollars. Without support, many fossil fuel projects would not be viable.
“With our efforts, tens of thousands of Americans have so far pledged to close their accounts in these Wall Street banks if they do not stop loaning money to fossil fuel companies by 3-21-23,” explained Dr. Glayol Sahba, Bank protest team lead.
Third Act is a national nonprofit organization working to mobilize elders, people over 60 years old, to help stabilize our climate and secure our democracy. Third Act Sacramento is a local working group of Third Act. The Banking On Our Future Campaign seeks to discredit the banks propping up the fossil fuels projects that are destroying earth’s livability.
This campaign will culminate in a National Day of Action on March 21, 2023 (3.21.23) where people across the country will withdraw their money and cut up credit cards from the 4 biggest banks.
For more information or to join in this critical effort, go to Thirdact.org.
Press Contact: Richard Groh (415) 717-9017