“Money doesn’t grow on trees but it can help trees grow….” the author
It just came to my attention that there not only are there sustainable investments, there are also green banks. Unlike mega-banks that are solely profit-driven, a green bank is a mission-driven quasi public or non-profit institution dedicated to improving the environment and fighting climate change. The goal is to facilitate private investment in technologies to make the world a better place
That means instead of your precious money going to fund fossil fuel and tech companies, it will make some difference in the world! The big banking giants do not have that in mind!
Right now the list is relatively small for green banks but the movement is gaining traction. For a list of green banks in the USA go here.
If you can’t handle the green bank transition at least get out of the big banks! According to Green America, the worst social and environmental offenders are Citibank, Bank of America, Fidelity, JP Morgan Chase, Vanguard, and Wells-Fargo. But many other large- and mid-sized banks are not far behind too. They are funding large scale environmental disasters all over the world such as the proposed Pebble Mine in Alaska, the Dakota Access Pipeline in South Dakota, and mining in the Amazon Basin. In fact, the most environmental destructive projects worldwide have been funded by big banks.
Your best bet is with your local credit union who exist only for their members on a nonprofit basis. Of all the banking institutions besides green banks, credit unions have the smallest environmental footprint. For a comprehensive article on megabanks and credit unions go here.
You don’t want to unwittingly invest in dirty industries. Take some time to examine your bank and it’s practices and move to your hard earned money to where it will do the most good.