One hundred protests took place outside major banks across the U.S. on Tuesday, with people calling for fossil fuel divestment. One man used a solar-powered chain saw to cut through giant credit cards.
A protester in Boston holds up a large replica of a credit card being cut in half during a national day of action to"stop funding climate chaos."A protester in Boston holds up a large replica of a credit card being cut in half during a national day of action to"stop funding climate chaos."Across the U.S., people protested outside major banks on Tuesday, calling on financial institutions to shift investments away from fossil fuel companies.
In Washington, D.C., protesters sat in rocking chairs outside banks while the crowd cheered on people who cut up their credit cards in protest. Third Act co-founder Bill McKibben created the group to take advantage of the life experience, skills and political power of retirees. And the activists point out their economic influence too: Baby boomers own over half of U.S. wealth.
McKibben said the world faces a"balancing act" trying to eliminate greenhouse gas emissions from the economy."We're not going to be off oil and gas tomorrow, sadly," he said."That's why we've been very clear in saying our only demand is that these guys [banks] stop funding the expansion of the fossil fuel industry."
Eric Compton, a bank analyst at Morningstar, a financial services company, said he didn't know of instances where protests like Third Act's affected a bank's decision-making."Typically you need acts of [C]ongress or much more elevated political/branding pressure," Compton wrote in an email.
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