New Yorkers rally for a public bank during the UN’s 4th Annual Climate Finance Day

Public Bank NYC rally

Mychal Johnson from South Bronx Unite with Public Bank NYC outside NY City Hall. Photo courtesy the New Economy Project

 

Last week, as global leaders assembled for the United Nations-backed 4th Annual Climate Finance Day, Public Bank NYC — a broad coalition that includes the New Economy Project, NY Communities for Change, and NY Public Interest Research Group — rallied at City Hall and called on NYC to divest public money from banks that are major investors in the fossil fuel industry and to establish a municipal public bank to help fund the transition to a just, sustainable economy.

The coalition released a new analysis showing that the city’s banks are dramatically expanding investments in fossil fuel.

Jake Offenhartz reports the details in Gothamist:

“‘Just imagine if there was a institution that had baked into its mission statement the goal of helping grow worker cooperatives, of expanding access to financial services, and of increasing affordable housing,’ Morrison told Gothamist. ‘We want to divest that money from Wall Street and redirect it to critical community needs. The money is there, it's about generating will.’”

Another report by Erin Rubin in Nonprofit Quarterly explains the coalition’s motivation:

“Activists are tired of the “we’ll talk about it later” approach and demand more immediate action. Climate change is becoming a bigger problem faster than we can react to it. Economic inequality has reached historic levels. Awareness of the problem is not enough, nor are demands for accountability from fossil fuel companies.”

The analysis referenced a detailed report by Rainforest Action Network “Banking on Climate Change: Fossil Fuel Finance Report Card 2018.”

[Read the Public Bank NYC analysis]

[Read the full Gothamist article]

[Read the full Nonprofit Quarterly article]

[Read the RAN full report]

 

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