Bill McKibben wrote a New Yorker piece on the enabling role financial institutions play in the fossil fuel industry’s ongoing search for carbon-dense oil and gas, and how they could accelerate a shift to a clean energy economy if the institutions backed away from financing Big Oil. He quotes Tom Sanzillo of IEEFA, an RFF grantee, and references David Rockefeller’s role as past CEO of JPMorgan Chase and RFF’s decision to divest and includes a quote from RFF director Lee Wasserman.
Lee said, “How much morally worse is it to enable the expansion of a deadly fossil-fuel industry, whose business model is certain to cause the death and suffering of millions of people and the loss of much of the earth’s diversity? Big, sophisticated banks such as Chase and Wells Fargo understand climate science and know that our current path is leading towards climate catastrophe. Yet their machine of finance cranks along.”