On April 2, 2021, members of Extinction Rebellion took part in civil disobedience outside multiple banks in NYC, including JP Morgan Chase, Bank of America, TD Bank and Citibank. The action was part of Global Money Rebellion [1], a sustained campaign to expose the financial industry’s complicity in the climate & ecological emergency. [2] Around the world, in New York, Paris, Brussels, [3] London, [4] and Rome, activists called out the culpability of the banking sector [5] for the climate and ecological devastation they directly cause with their funding of destructive industries.
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JP Morgan Chase, the world’s largest funder of fossil fuels, has issued green initiatives as part of a "net zero" strategy that pales in comparison to its direct financing of the fossil fuel industry. Chase is also part of a syndicate of banks financing Line 3—a deadly tar sands pipeline being constructed through Anishinaabe land along with TD Bank, Bank of America, Wells Fargo and Citibank. Every day, banks continue to facilitate the destruction and devastation of our land, water, and food systems. Since 2015, the world’s 60 largest commercial and investment banks have poured $3.8 trillion into fossil fuels (not to mention the billions they also invest in deforestation and other ecocidal industries).
The action was in solidarity with the Water Protectors of Minnesota. Extinction Rebellion activists sprayed graffiti and hung banners on the property of banks that fund Line 3. If completed, Line 3 would endanger waterways, destroy natural habitats, and arable land that have supported the Anishinaabe people for millennia. Line 3 would contribute as much damage to our climate as 50 new coal burning power plants.
Holley White, Extinction Rebellion activist and former farmer and small business owner, said “(JP Morgan) Chase is greenwashing by duping the American people into believing that they are addressing climate change. Their current lending decisions focus on short term profits but will result in long term perhaps irreversible, damage to the environment. They are committing crimes against humanity and the earth, and need to be held accountable.”
During the action, a rebel attempted to scale the side of the JPMorgan Chase Building in Manhattan, to call out the bank for its role in climate and ecological destruction. In a startling turn of events, the climber fell and sustained an injury. He is now in recovery. To support him, donate here.
Banks have been facing increasing pressure from the climate movement. As of late, all six major US banks have pledged to end funding for new drilling and exploration projects in the Arctic. JP Morgan Chase, is at a deadlock with its Board’s recent decision to reject conversion to a public benefit corporation. [6] “The slow moving policies to divest from fossil fuels is far from what is needed to avert the worst climate catastrophe” said Jos Vulto, Extinction Rebellion activist and retired artist, “Climate change disproportionately affects poor people in low-income communities and developing countries around the world.”
Rebels in Extinction Rebellion regularly make sacrifices and take risks through nonviolent civil disobedience. We do this in the midst of a climate and ecological crisis, the severity of which our government and media choose to ignore and downplay. Many people who take action have been directly affected by the climate emergency, or fear for their lives and their children’s future. Nonviolent civil resistance has been central to positive societal change throughout history. Extinction Rebellion follows in line with non-violent movements including the Suffragettes and the Civil Rights movement to raise awareness and demand the government take the drastic, necessary action to stop further climate and ecological breakdown.
[1] Money Rebellion - https://extinctionrebellion.uk/act-now/resources/money-rebellion/
[2] Central banks failing to match green rheotric with action - https://www.banktrack.org/article/central_banks_failing_to_match_green_rhetoric_with_action_report
[3] Extinction Rebellion occupies financial headquarters in brussels - https://www.euronews.com/2021/04/01/extinction-rebellion-occupies-financial-headquarters-in-brussels
[4] BREAKING: ‘No More Fossil Fools’ – Extinction Rebellion spray fake oil on Bank of England as part of a Global Money Rebellion - https://extinctionrebellion.uk/2021/04/01/breaking-no-more-fossil-fools-extinction-rebellion-spray-fake-oil-on-bank-of-england-as-part-of-a-global-money-rebellion/
[5] Banking on Climate Chaos: Fossil fuel finance report 2021 https://www.ran.org/wp-content/uploads/2021/03/Banking-on-Climate-Chaos-2021.pdf
[6] JP Morgan's board rejects switch to stakeholder-focused entity
https://www.reuters.com/article/us-jp-morgan-investors-esg-idUSKBN2A91C6