The Divestment Movement: Taking Your Money Out of Fossil Fuels

Too often, big financial institutions put their short-term profit before both people and the environment. When these banks take their customers’ deposits and invest them in ways that worsen our climate crisis, they harm the future of those customers and of the communities they are supposed to serve.

At Aspiration, we know there are plenty of ways to make money for our customers without endangering the air they breathe, the water they drink, and the very future of our planet.

Unfortunately, that’s not how most of the financial industry does business. Their funding of projects, like the Dakota Access Pipeline (DAPL), shows where their priorities lie. In response, people have been advocating for divestment as a way of making a difference when it comes to DAPL, the Keystone XL Pipeline, and other dirty fuel projects.

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What is divestment? It means removing your money from investments that are unethical and do not align with your values.

While there has been a recent trend towards divesting from fossil fuels, this is not a new phenomenon. Many divestment campaigns have affected corporate decision-making in the past. Whether it was the Montgomery Bus Boycott in the 1950s or the movement to divest from apartheid South Africa in the 1980s, ordinary citizens moving their money have changed the world.

But it’s not enough to just divest. It’s also important to invest in a new better way. The institution you choose to bank and invest with makes a difference. By closing your checking account with the big banks, you are sending the message that you do not support their involvement in funding projects that destroy the environment. And by divesting from investment accounts, such as your 401(k) and IRA at these big banks, you are minimizing the pool of capital drawn on to fund such projects.

Money matters. It’s time to take a stand. Americans deserve a financial firm that shares their values and provides options to create wealth with a conscience.

That’s why Aspiration offers fossil fuel free banking and investment options that prioritize people and the planet. Our 100% fossil fuel-free sustainable strategy is a way for you to vote with your dollars by investing in businesses that are leaders in their industry when it comes to caring about their people, the planet, and their company's purpose and mission.

If you’re interested in banking or investing with a company that aligns with your values, try Aspiration. Together we can do well while doing good, all at the same time.

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