I cut up my bank cards into hundreds of little pieces on the weekend and it felt awesome! I was a customer with Bankwest a subsidiary of CommBank since I got my first pay cheque so it was a pretty big deal for me to switch banks. Actually people are more likely to end their marriage than switch banks so it’s a pretty big deal for everyone.
I made a change because I was just fed up with the Commonwealth Bank Group’s continued investments in polluting fossil fuel projects causing dangerous global warming. Since the Paris Climate agreement where the world agreed to keep global warming below 2 degrees and rapidly transition out of burning fossil fuels for energy, the Commonwealth bank group has continued investing $2.2 billion in fossil fuels.
Yup, $2.2 BILLION! 💵 💵 💵
Just to put that in context, Royal Adelaide hospital, ranked the world’s third most expensive building in the world cost about US$2.1 billion. Instead of investing more in clean energy and other healthy community focused projects, they’re blatantly risking young people’s future by investing in coal, oil and gas projects that cause global warming.
Life seems kinda easy banking with the big banks like Commbank because their rates are pretty good and their ATMs are on every street corner but actually, if you shop around, you’ll find ethical banks have these benefits too.
If you’re concerned about the dangerous impacts of global warming on people and places, then switching to a bank that doesn’t invest in fossil fuels can be more powerful than planting trees and driving your car less.
You’ll be joining a growing divestment movement of people breaking the hold that the fossil fuel industry has on our banks, economy and our governments.
I love a good quote, so let me end with this one from Bill McKibben, founder of 350.org
“If it is wrong to wreck the planet then it is wrong to profit from that wreckage."
If you’re keen to cut up your bank cards into hundreds of little pieces too, then here’s all the info you need to get it done.
Happy divesting, Luke 😀
DISCLAIMER: The information provided here does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. It is recommended that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances.