DIVEST FROM OILY BANKS

23 November 2019 press release

Climate Action Group Formed

Schoharie County Climate Action announced their intention to petition county government to divest from banks which continue to finance fossil fuel exploitation.

Over a year ago the United Nations Intergovernmental Panel on Climate Change (UN-IPCC) released a status report stating it is critically important we reduce carbon dioxide emissions 50% by 2030 and achieve net zero emissions by 2050. They stated we have just 10 years to avoid serious social and economic disruption as well as real existential threats to many species we depend upon.

In recent months younger citizens around the world have stepped up to the challenge. The Sunrise movement has been pressing their case in our legislatures, and Extinction Rebellion is in the streets demanding governmental action proportionate to the need. “It’s now incumbent upon the citizens of Schoharie County to stand with our youth to protect our habitat for generations to come,” said group member Wayne Stinson.

A significant portion of Schoharie County’s funds are placed with JP Morgan Chase bank. A recent report, jointly authored by several environmental organizations, singled out Chase: “...JP Morgan Chase is very clearly the world’s worst banker of climate change. ...the $196 billion the bank poured into fossil fuels between 2016 and 2018 is nearly a third higher than the second-worst bank, Wells Fargo. ...JP Morgan Chase sticks out even more...: the bank’s $67 billion in finance for expansion over the past three years was a stunning two-thirds higher than the second-biggest banker of fossil fuel expansion (Citi).” [Banking on Climate Change, Rainforest Action Network, January 2019]

“The rational way forward is clear, Schoharie County’s funds must be removed from JP Morgan Chase and any other financial institution with similar commitments to fossil fuel corporations.” Stinson said.

“The Climate Action Group encourages all who live or work in Schoharie County to join the petition effort by messaging scfpg@midtel.net with their full name and the town in which they live or work.”

The full text of the petition, including specific demands for action by county government, can be accessed here.