Boulder City Council considers replacing Chase with a city-owned bank

350 Colorado protest outside Chase

350 Colorado protest outside Chase. Photo by 350 Colorado courtesy the Boulder Weekly.

 

Like residents of many climate-aware cities, Boulder residents have been demanding that their city divest from JP Morgan Chase, and one of the options the City Council is exploring is a public bank. Chase is the single largest sponsor of the fossil fuel industry, according to a new report. On April 10, activists protested outside 21 Chase locations around Colorado, calling attention to the $63.9 billion in fossil fuel investments Chase made in 2018 alone. For three years running, the Wall Street megabank has been the number one U.S. financier of tar sands oil, arctic oil and gas, ultra-deep-water oil and gas, liquified natural gas (LNG), and coal mining projects. But they need an alternative, and starting their own bank is one of them.

Will Brendza quotes Councilmember Sam Weaver in the Boulder Weekly:

“We’re looking for allies at the State House to give us more flexibility on where we can bank our money.”

Micah Parkin, founder and executive director of 350 Colorado, which organized the April 10 protests, is quoted in the article:

“It’s just really tantamount to our efforts to address the climate crisis that we stop putting our money into projects that are funding climate change. All the climate change mitigation in the world won’t do us any good if we keep propping up the fossil fuel industry.

[Read the full article]

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