Customers of banks are getting sick of their money being spent on destroying the world so they’re doing something about it. The Dirty Dozen banks are a group of banks that Greenpeace argues are the worst when it comes to investing. Barclays is one of those banks thanks to their investments in the shameful Canadian tar sands. Greenpeace started their awareness campaign and now people are taking the next step by losing their accounts with Barclays. It’s a great direct action to send an important message.
Of those who signed the petition, 6,000 told the environmental group that they were ready to close their accounts if Barclays did not heed their warning, while some said they had already done so.
“Moving your bank account is quite a big undertaking so we were genuinely surprised when people started doing it without us even suggesting it,” said Greenpeace oil campaigner Hannah Martin.
“This new information shows that the opposition to Barclays funding dirty tar sands projects isn’t just broad, but deep.
“People are prepared to put themselves through a bit of bureaucratic hassle to try to persuade their bank to do the right thing.”
Banks have a reputation for being too greedy for the good of anyone outside themselves; however, some banks are thinking in the long term. The African Development Bank has announced a partnership with Green Climate Fund to push renewable energy and resilient systems. They figure that Africa is the best part of the world to achieve a sustainable economy because of the increasing investment in the continent and the ability to ‘leap frog’ older energy technology.
Together with the Green Climate Fund, we can do a lot to move the continent towards low-carbon and climate-resilient development.”
Approved as a GCF Accredited Entity in March 2016, AfDB is working on a series of mitigation and adaptation initiatives at the national and regional levels designed to enhance African countries’ access to GCF resources.
GCF Executive Director, Howard Bamsey said GCF’s partnership with AfDB will be key in unlocking the potential across the African continent to pursue climate resilient and low-emission growth.
Aspiration financial firm is a B-corporatoin that wants to help people “vote with their wallets”. It’s incredibly hard for individuals to stay up to date on the damage that large organizations do despite that a lot of people care. Consumers want to punish companies for some of their actions from United kicking people off airplanes to Shell lying about climate change. This means there’s an opportunity for Aspiration to help people divert money from companies that make the world worse, and the company is growing as a result.
Called Aspiration Impact Measurement (AIM), the program analyzes not one, but thousands of data points to generate two scores for companies: The “People” score gauges how well companies treat their employees and communities, and the “Planet” score assesses companies’ sustainability and eco-friendly practices. Every time an Aspiration customer swipes the debit card associated with their account to make a payment toward a company, that company’s Planet and People scores are funneled into the customer’s personalized AIM score, which reflects the positive (or negative) impact of where they shop.
“People have been hungering for this exact kind of information,” Cherny says. “We see this in our customers, we see this in all these surveys that are coming out about how younger people especially, but consumers overall, are thinking about how a company behaves and how its products are created as they make decisions on where to buy. But until now, they haven’t really had the information to be able to do so.”
Bankers destroyed the economy and in too many countries those responsible walk free despite the damage they wrought. Iceland jailed bankers at fault in their country, but what can we do to ensure that bankers behave in the future?
Doctors take the hippocratic oath in order to practice medicine, now it’s being suggested bankers need something similar. We don’t want bankers to be like people with MBAs.
In contrast to a rigid moral regime that most ethical systems call for, the theory of virtue recognises that people’s needs are all different and as a result, argues for the fulfillment of those needs in all of their distinctness. Applying this theory to banking reform means that our banks should, to the best of their abilities, attempt to meet people’s diverse financial needs, and should not simply focus on self-enrichment or basic transactional services.
This bankers’ oath would symbolise a turning point for the profession and make a much-needed encouraging signal to the public. Lawyers, doctors and architects all hold a professional motive to not only do the best for their client but also adhere to the well established principles of that profession. In medicine, the Hippocratic oath provides a centre-piece for personal responsibility in the profession and their overarching principles. Banking is no different and in the post-crash era, should strive towards professionalism.
Banks have a horrible reputation because of their inability to predict economic behaviour, this was highlighted by the ongoing economic claptrap that started roughly seven years ago. Canadian banks have also received a tarnished reputation because of their ongoing unethical investments in the Alberta tar sands. Perhaps as a reaction to this, Scotiabank launched an awards program in 2010.
Their EcoLiving Awards is focused on bringing attention and finances to companies that are improving the efficiency of households. This can range from better windows to new technology systems. You can nominate a company at their website, so if you know a Canadian company that makes the world a little more sustainable on the home front you should nominate them.
“The Scotiabank EcoLiving Awards showcase outstanding leaders in home energy efficiency. If you have a great idea or solution, we want to hear from you,” said Kaz Flinn, Scotiabank’s Vice President, Corporate Social Responsibility. “We know that Canadian homeowners are likely to consider making their home more energy efficient or environmentally friendly with renovations. These awards bring forward new and innovative ideas.”
The Scotiabank EcoLiving Awards recognize winners in three categories:
Business Leadership ($50,000) – a business or individual who is leading the way in home energy efficiency products, services or solutions. Focused primarily on executing a proven idea or program.
Innovators ($15,000) – a business or individual demonstrating innovation in home energy efficient products, services and solutions. Focused on introducing exciting new ideas for products or programs.
Student Leadership ($10,000) – a full-time college or university student who demonstrates promise for the future of home energy conservation.