DIVESTMENT : Removing YOUR money from BIG OIL and GAS

The world's biggest banks pumped $7 trillion of our hard earned cash into oil and gas expansion projects between 2016 and 2023. The industry also enjoys another $7 trillion or so each year in tax breaks and other subsidies. The latter are for governments to address, but the former lies in our hands. So, how can you use your money to send a message to the fossil fuel behemoths?

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Reference links

Have You Heard From Johannesburg - download link

'Banking on Climate Chaos' 2024 Report

Thinking Ahead Institute

The Lancet urges divestment from fossil fuel

Business Green article on divestment

Forbes article on ethical banking

Bank Green website

Path - green pensions

Ethical Consumer

UK Current Account Switch Guarantee

USA - Ethical Banking and Pensions

Canada - Ethical Banking and Pensions

Europe - Ethical Banking and Pensions

Australia - Ethical Banking and Pensions

Check out other YouTube Climate Communicators

zentouro:

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Simon Clark:

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Jack Harries:

Our Changing Climate :

[dpsdps]

Don't forget all the money that just forever leaves our economies, especially in Europe, to places like Saudi Arabia, Russia and other such nice modern democracies. Money that would stay here if we switched over to homegrown electricity as our main source of energy.

[blahdelablah]

In my view, this is the most important video you've ever made. Thank you for sharing this.

[CC]

That’s me moving my finances from Barclays.

[zotter]

Most people never talk about the immense tax breaks and subsidies the fossil fuel industry gets. Without those, renewables would grow even faster and the same goes for EV's because they are way more energy efficient.

[Aorta_Research]

Here in Oregon, we have Beneficial Bank, which is a B corporation and has a specialtist for making solar energy loans. They have branches in Portland, OR, and online banking works too.

[RandyTemple-bs]

Tax breaks and subsidies are two costs hidden from the public regarding oil and gas production. Another hidden cost is cleanup, abandoned wells, and leaking wells. But the big one that no one really addresses is the TRILLION DOLLAR A YEAR American military spending meant to keep everyone in the oil and gas business in line.... You can't fix the climate with oil and gas. And you can't get rid of oil and gas because it's too profitable for everyone involved. Greed....PROUD greed. pathetic.

[seamon]

Imagine saying "Oil is more profitable than renewables" while at the same time having that market subsidized to the tune of 7 trillions a year.
Pure madness. Subsidize renewables as much as oil, or stop subsidizing oil, see which one is more profitable then.

[Tailspin]

Divestment means withdrawing an investment or choosing not to invest. This isn’t possible with oil companies because none are seeking new capital. Selling shares doesn’t make any difference - it just changes who owns them and depresses the price a little, providing cheap shares for those who buy them. Your examples are more to do with reducing demand for their products which is a different thing.

[Kevin_Street]

This video has reminded me that my country (Canada) gets 3% of our GDP from oil production, but my province of Alberta gets over 23% of our GDP from gas and oil! We're utterly dependent on fossil fuels to keep our economy going. We _should_ be drawing up some kind of plan to slowly transition the economy to more dependable revenue sources, but instead the government refuses to even admit that global warming is real. When the transition happens we're going to be so screwed, because our customers won't need to buy the fossil fuels anymore.

[showemethemoney]

The global insurance market has nearly half a trillion dollars invested in the fossil fuel industry (as of a 2023 report), all while major national insurers in the US are pulling out of high risk areas due to climate change.

[Cookie-cnjc]

One easy thing we can ALL do is point others to your thoughtful commentaries. Kudos to your information gathering and analysis. The managers of the company where I invest are now ardent viewers of yours.

[sparkyoc]

Yep. I did this. Chose a bank that explicitly invests in ethical industries. Bought shares in ethical funds and made sure my super/pension was in ethical streams. Pretty passive activities on my side but every little helps.

[owennovenski]

Very rationally thought through presentation. Much appreciated. Please keep on keeping on. Cheers.

[johnferet]

Thanks in part to your previous video (along with their poor response to fraud on my account) I dumped Chase & went with Amalgamated Bank, the #1 ranked US bank on Bank Green. It feels good knowing my (tiny bit of) money isn't going to fund our demise.

[paulmiddleton]

Your videos are always very informative, I appreciate your insight.

[GTN]

Great information is always Dave! Bring this subject up more often because we seem to have short memories and procrastinate...

[ians]

Did it last year. I did have some shares in BP as they had said they were transitioning to renewables. Oh no they are not.

[Greebstreebling]

Four years ago, I moved away from HSBC to Triodos bank in the UK, for the reasons you have highlighted. My wife has just moved from a lifetime of Barclays to Nationwide.
Ever wondered why renewable energy prices aren't much lower? The answer is that our government links the price of renewable energy to the price of gas, in order to protect the oil & gas industry. If you want to do something really good, ask your MP to lobby for government to break that link. :)

[tommasobrazzini]

Incredibly useful, both informative and practical. Thanks a lot Dave

[amandalillet]

Another excellent video! Thanks for all that you do!