The Supreme Court has just ended a controversial term with one last decision to curtail the EPA’s ability to regulate polluters. In a summer when Americans have already seen devastating flooding and fires, this decision is one in a slew that doesn’t exactly inspire hope in most of us. In the fight against climate change, it is time to step up collective action. Businesses, even more than individual consumers, have the ability to make statements with whom they choose to bank.
Thanks in part to the efforts of environmental groups like the Rainforest Action Network and 350.org, banks are now being called out on loaning money to polluters, financing fossil fuel drilling, pipeline expansions, etc. While switching banks alone won’t stop global temperatures from rising, Ivan Frishberg, Senior Vice President and Chief Sustainability Officer at Amalgamated Bank, described some practical and powerful steps businesses can take that support a growing movement.
With more capital than the average individual, companies make a powerful statement when they choose to bank with a carbon neutral company. As an added effect, it can also draw more like-minded consumers to these companies. Check out HBR’s new article that profiles how businesses can start to make a change for the better, in the hopes that a cascading effect of good decisions will follow.