On May 13, 2024, EcoWatch reported that banks worldwide have given nearly $7 trillion to fossil fuel companies since the 2016 Paris Agreement. “Banks in the United States were the biggest culprits, giving 30 percent of last year’s $705 billion total. JPMorgan Chase’s support of fossil fuels was $40.8 billion in 2023 — the largest financier.”
Now the CEOs of those beneficiary fossil fuel companies are being courted by Trump to support his campaign to the tune of $1 billion. In return, Trump promises that in a second term he would, among other things.:
- end the Biden administration’s freeze on permits for new liquefied natural gas (LNG) exports
- start auctioning off more leases for oil drilling in the Gulf of Mexico, and
- reverse the restrictions on drilling in the Alaskan Arctic.
Our planet and politics are being suffocated by the same dollars. But, we can do something about it. Remember that we, as the electorate and the Third Act generation, also control a sizeable share of the country’s assets.
In February of 2024, CBS News reported that, “people over 55 controlled about $74.5 trillion in wealth at the start of 2019. By July 2023, that percentage jumped 30% — to $97.3 trillion, or more than 10 times the wealth held by people under 40.” According to the Census Bureau, the population of people over 65 reached 55.8 million or 16.8% of the population of the United States in 2020.
Individually, no matter how much money you have in your bank account, who gets to use it matters. Collectively, if even a fraction of almost 60 million people flexes our financial muscle we cannot be ignored.
What YOU can you do now
Get involved with Third Act Central’s Banking on Our Future campaign. Visit the website to find resources on writing letters to your bank branch offices, account managers, and CEO suites to tell them to stop funding fossil fuels. Explore how to move your money to greener banks, credit unions and credit cards, and learn how to design a responsible financial plan.
Coming Soon: The Summer of Heat
Third Act Central is joining a coalition of groups to participate in a 12-week long Summer of Heat in New York City. Over the course of those weeks, activists will participate in a nonviolent direct-action campaign of disruption targeting powerful financial institutions that fund fossil fuel companies – notably Citi Bank at its New York City headquarters.
July 8th through the 13th will be Elders Week where Third Act Working Group members from all over the country will gather in New York to make our stand. Alongside the New York actions, Third Act Nevada is beginning to plan parallel activities to roll out locally. This is a great time to show solidarity and get involved no matter where you are in the state. To participate in planning or to get more information contact us at thirdactnevada@gmail.com. Please indicate “Summer of Heat” in the subject line.
And in June and November, remember to vote!
Get all your friends and neighbors to vote. There are more of us in the population than there are of the fossil fuel industry executives in the C-suites.