Letter: Don't support banks invested in oil
Perhaps you've noticed that from time to time, usually on Fridays, people have been standing on Bonnet Street outside the TDBank office in Manchester holding signs. I'd like to explain why.
Those folks are participating in a world-wide movement to stop banks such as Wells Fargo, Chase, and TDBank from financing pipelines and other infrastructure that carry fracked oil and gas. Without the millions of dollars borrowed from these banks, the pipelines couldn't be built; they're simply too expensive for the oil companies to do on their own. If the pipelines are not built, the dirty tar sands oil and gas would stay in the ground because it would not be economical to ship it by truck or train.
Specifically, TDBank loaned money to build the Dakota Access Pipeline. Those folks holding signs outside the bank hope to convince enough customers to withdraw their money from TDBank, and to tell the branch manager why. If enough people do that, the bank executives will decide it's not worth it for them to continue funding fossil fuel infrastructure.
The global campaign to influence the big banks' lending practices is based on scientific evidence that extracting and burning fossil fuels contributes to climate change. Rather than continuing down the self-destructive path that led inevitably to Hurricane Katrina, Irene, Sandy and Harvey, it's time to stop investing in the fossil fuel industry and start putting our money to work in renewables and energy-saving retrofits.
We need to Think Globally and Act Locally. No one can stop climate change on their own, but if we take collective action whenever and wherever we can, together we can effect the change needed to save our planet from complete devastation. Withdrawing your money from TDBank, and divesting your stock portfolio from fossil fuel stocks, are two concrete steps you can take to make a difference.
— Carl Bucholt
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