With climate extremes and disasters growing year after year  – with 2024 being the hottest year on record, and 2025 starting off with horrific Los Angeles wildfires, the most costly un-natural disaster ever in the US – it is understandable that communities, residents, voters, and taxpayers are all worried about how to pay for rebuilding and adapting in the face of mounting climate impacts. And especially worried when the Trump Administration is cutting federal disaster relief and FEMA, NOAA’s weather services and forecasting, and research on climate change and clean energy solutions, among the countless other cuts and chaos. 

So, no wonder that at least 10 states in 2025 introduced state legislation to address this funding gap by making fossil fuel companies pay their fair share of contributions to climate change impacts. This follows the two new “Climate Superfund” laws adopted in 2024 in the states of Vermont and New York, where Third Actors helped build public support and persuade state legislators to pass the bills and influence NY State Governor Hochul to sign the bill into law. Third Actors are at it again and are working in numerous states to pass more of these “make polluters pay” bills.

The approach is based on past legal approaches that have held Big Tobacco and big hazardous waste and toxic polluters accountable for the health impacts and messes they made. The “Climate Superfunds” created by the proposed bills generally impose a fee on large greenhouse gas emitters’ past emissions and the amounts are determined using the established climate attribution science methods, raising billions of dollars from large oil, coal, and gas companies over a specified period like 25 years. Read on for details on our progress, the status of various bills, and what you can do.

Progress on State Climate Superfund Legislation

Third Act Maryland, together with the big statewide Chesapeake Climate Action Network, helped build support for the RENEW Act (Responding to Emergency Needs From Extreme Weather Act) to to make polluters pay. Third Actors participated in numerous rallies at the state house, attended sessions, lobbied legislators, submitted testimony, shared on social media, called and wrote legislators, and more. While the RENEW Act did not pass in its original form, it was amended to become a “study bill” and renamed the “Climate Change Adaptation and Mitigation: Total Assessed Cost of Greenhouse Gas Emissions – Study and Reports” bill (HB0128/SB0149). It passed both the Maryland House and Senate and has moved to Governor Wes Moore’s desk for signature, and it is expected that the Governor will sign the bill by the May 27 deadline as it has strong bipartisan support. The Maryland General Assembly committed to the first step of “Making Polluters Pay” by requiring the Comptroller’s Office to lead and complete a study by December 2026 to quantify the cost-impacts of climate change in the State of Maryland. This will make Maryland the third state, after Vermont and New York, to pass legislation in support of enacting the climate superfund concept and principle. To make fossil fuel companies pay their fair share of the costs of climate change, we will have to come back to the Maryland General Assembly with another bill after the study is done.  

New Jersey is a state where volunteers are preparing to launch a new state-level Working Group soon, and it’s also a state that has introduced a Climate Super Fund Act. Third Act supporters in New Jersey and also members of Third Act Union affinity group have been collaborating with partner Food & Water Watch to host 5 “town hall” style meetings to educate New Jerseyites about the bill and what it would do. Third Actors are also collecting petition signatures and postcards that they will deliver to legislative leaders in mid-May, urging leadership to get the bills posted and voted on. They’ve been working to get legislator co-sponsors of the bill (32 co-sponsors in the Assembly & 8 in the Senate so far)  and town resolutions in support of the bill (36 towns have signed resolutions in favor with at least 8 more pending), which was a successful strategy in New York State. The NJ Climate Super Fund Act passed in both the Assembly and Senate environmental committees and is now pending in the Assembly Budget and Senate Commerce Committees. The state coalition is working to get the bill passed before the July summer recess.

California is a big state where Third Act has three Working Groups – Third Act Bay Area, Third Act Sacramento, and Third Act SoCal – and is the world’s fifth largest economy. The Golden State has introduced two companion Climate Superfund bills (AB and SB). There is a huge statewide coalition led by the Center for Biological Diversity that Third Act is participating in. Third Act Working Groups in California have been working to build public support through getting Third Actors to take action and email their legislators, getting signatures on digital petitions (link), calling and meeting with state legislators on key committees, attending a press conference in Los Angeles, participating in committee hearings and rallies in Sacramento, joining with environmental justice allies to bring attention to climate impacts in frontline communities like in Richmond, CA (link to Bay Area blog), and more. The Senate bill passed the Senate Environmental Quality Committee and the Assembly bill passed out of the Assembly Natural Resources Committee. There are several more committee hearings to go in both the Assembly and the Senate, and then the bills must pass each house with a two-thirds majority because these bills impose a fee. The California legislature does not adjourn until September 12 and Governor has until Octoebr 12 to sign bills. So there’s a ways to go to continue to build visible and vocal public and political support and persuade key legislators to support the bills.  

Bills Pending With Promise

There are at least two other bills that are still pending in the Maine and Massachusetts legislatures and Third Act working groups are actively working to get those passed.

Third Act Maine is collaborating with Maine Youth For Climate Justice, which is the lead organization putting forward the Maine Climate Superfund Act, as well as Maine’s Environmental Priorities Coalition, a statewide alliance of 39 conservation, climate action, and public health organizations. There was a Youth Day of Action at the Maine State House on April 17th where Third Act Mainers joined up with youth activists. The bill was introduced on April 25 and a public hearing will be scheduled early to mid May. The coalition will be working to pass this by the end of session on June 20, 2025.  (photo from youth climate day)

Third Act Massachusetts is working to build support for the Massachusetts Climate Change Adaptation Cost Recovery Act together with the statewide “Make Polluters Pay MA” coalition. Third Act MA and the coalition are gathering petition signatures and working on organizing a big in-person “lobby day.” Work is ongoing to persuade more towns and municipalities in Massachusetts to endorse the bill, and to activate more Bay Staters to engage with their state legislators. These bills have been introduced in a two-year session, and so there is more time to organize visible support before committee assignments and a vote in 2026. 

Bills That Faced Pitfalls, But May Return

Other states introduced similar legislation in 2025, but some bills did not pass out of committee or get a hearing or a vote, such as in Tennessee and Connecticut. Third Act Connecticut collaborated with partners and got an op-ed published, but opposition from big business won out. 

Third Act Oregon supported the Oregon Make Polluters Pay Act by hosting an educational webinar for Third Act Oregon supporters, submitting written testimony, and participating in a hearing on April 7, which included legal and climate experts as well as survivors of Oregon’s wildfires. Unfortunately, the bill died in the Senate Committee on Energy and Environment without a vote. Senator Khanh Pham, one of the authors, said she would continue to bring forward and advocate for this kind of legislation in future legislative sessions and that there is no time to waste for taking action to address climate change. 

How You Can Help

One indication of both the promise for advancing climate resilience and the threat that “Make Polluters Pay” bills pose to the fossil fuel industry is that the Trump Administration has singled out these laws and signed an Executive Order directing the Attorney General to go after states’ climate laws. The House also passed a bill that would give “blanket immunity” to Big Oil and fossil fuel companies from any lawsuits or legislation striving to hold them accountable for their contributions to climate change, impacts, and damages. That bill is pending in the Senate, and we have an opportunity to kill it because it will unlikely get the full 60 votes needed to overcome a filibuster. 

So, while there are several bills still working their way through state legislatures – and you can join a Third Act Working Group to get more involved in your state, people all across the US can sign this petition to Congress that will get delivered to Senators and ask them to oppose this Big Oil bailout. We can’t give this toxic industry any more free passes when our communities are burning, flooding, and being destroyed by climate change.

Dan is the Founder and Executive Director of SolaVida, a grassroots non-profit founded in 2013. His work spans policy/program campaign design and management, organization launch and management, finance, and strategy for-profit and non-profit organizations.

Money is what moves the world. And if we each do our little part with money, that’s what’s going to move the major banks and major corporations. I feel really good about what we’ve done.

What motivated you to move your money?

I got very interested in the divestment movement about a decade ago. I have a finance background, and I’m also aware of the work that was done around South Africa, to use divestment as a way to pressure the South African government to end apartheid. The company I worked for back then allowed us to shift our funds away from South Africa. We saw what happened, and how big of an influence it had. All of these pieces came together in my mind as something powerful that I could do, both at a personal level and in these bigger collectives. 

I began to look into moving my money and trying to understand how I would go about doing it. Around that time, I started to talk to the folks at As You Sow who were developing the tool, Fossil Free Funds, that tells you if various funds have fossil fuel investments. 

For my wife and I, it’s mainly our retirement funds. So I began to use that tool and to see where I could put our money. I began to work out how to make my own fossil fuel free portfolio. It’s been 99% fossil fuel free for a decade now. I later sought out a wonderful investment advisor who thinks that way, and has helped us manage our money. 

While most people won’t dive in at the level I will because I’m kind of geeky and am also very interested in the stock market, they can find others who can help them. 

What advice would you give to a Third Actor looking to move their money?

Get a financial advisor who shares your values and who knows about sustainability! I’ve had this conversation with a lot of people and the reaction every time is that it’s too complicated to know what to do on my own. 

But keep in mind your average financial advisor will either try to talk people out of this because it’s too complicated. They don’t understand or it’s not mainstream. So you have to do a little hunting to find investment advisors who specialize in these kinds of ideas. ESG (Environmental, Social, and Governance) is now a big thing.

There are a few directories that can help you find an advisor knowledgeable about sustainable investing, including: Green America’s Socially Responsible Financial Planners & Investment Consultants, First Affirmative’s directory, and Find a B-Corp.

And if they want to do it themselves?

If you don’t have a ton of money and you want to find a few funds, the Fossil Free Funds tool is very easy to very easy to use. And if a person wants to say, well, I’d like to invest some of the US stock market and some in bond funds, and they’re at the level of knowing how they want to segregate their investment profile, the tool can be used to find funds that fit. 

For a DIYer, that would be the place to start. 

Visit our collection of Responsible Finance resources on this topic.

How long did it take you to get to 99% fossil fuel free?

About a year. Once I knew what I wanted to do. It’s really a matter of you not wanting to move too much too fast, just because that’s not usually wise. 

Did you change both your credit cards and your bank accounts? 

Our bank accounts, completely, but not all the cards. It just takes time. It’s also tough to know who is sitting behind credit cards. Of the cards you can get, they can actually be branded as someone else but are issued by and underwritten by one of the dirty banks. For example, Chase could be sitting behind a supposedly clean card. 

Find answers to your questions on finding a better credit card and bank here, including tips for how to figure out if a card is “clean” or not, ways to avoid affecting your credit score, managing any credit card rewards, and more, on our FAQ page.

Have you found other ways to align your money with your values?

There can be a double benefit from the financial benefit offered by investing in improving the efficiency of your home. 

On divestor.org, a website I founded in 2013 to share this information, we have a section on what to do if you’ve got a block of money and a home. It might be smart to take your money and invest it in your home with more efficient windows, more efficient appliances, and so on. You’re doing the right thing with respect to the environment, but you’re also improving the value of your home because you’re adding more modern features, and driving down the cost of ownership of electric bills and things. 

My wife and I bought this home in 2015 and one of the first things we did was we put money into new appliances. We had the place weatherized, which was a smart financial decision and good for the environment too. There can be a double benefit from the financial benefit offered by investing in improving the efficiency of your home. 

If you’re going to be in your home for a long time, it’s a great place to invest your money because you know, when you turn around and sell the house, it’s going to be worth more. If you think about it holistically, your real estate is an investment too. 

Did anything surprise you about the process? Were there any challenges? 

The biggest challenge is that if you’re in a 401K or a 403B retirement plan, you may have limited options and none of them may offer fossil-fuel-free options. There are a growing number of new retirement plans that are better. You can also advocate for and ask your employer to request that the plans offer better choices. 

But even within your existing retirement plans, there are ways to approach this. Typically you are given an option to invest in large, medium, or small companies. If you take the funds that are medium to small, you’re effectively divesting because all the large oil companies like Exxon and Chevron are some of the biggest companies in the world. So if you’re given a midrange fund or small fund, by definition those companies aren’t part of the world that they invest in. 

We all have these options in 401(k) plans and 403Bs. Most people don’t even realize they’re there. They may not be perfect, but it’s a way to stay away from the “fossil fuel majors.”

Learn more with Third Act’s resources and webinar recording on retirement plans.

It’s interesting to hear how many different ways there are to move your money. A decade later, how does it feel to be effectively fossil fuel free? 

Money is what moves the world. And if we each do our little part with money, that’s what’s going to move the major banks and major corporations. I feel really good about what we’ve done. My wife and I feel good about it because we know that it is the right thing to do. It’s where the pressure point is, and in our own way, we can help. 

Third Act is wonderful and I love being a part of it because you meet people, elders in this case, who are committed and trying to do something good in the world. That’s what brings me hope and joy now.  These are big problems. We can do our part individually and can do even more when we act together, collectively. 

Every time I get on a Third Act call, I meet other people who are trying, who are committed, who are doing what they can. It is a joy to see the impact it’s having!

Please note: Third Act is a non-profit educational, organizing, and advocacy organization. We are not investment advisors and are legally prohibited from providing investment or financial advice. The information Third Act provides is for educational purposes.

Third Act does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Financial choices are your personal decisions.

In late October 2024, I joined a small group representing Costco members, shareholders, petition-signers, and campaigners from Third Act, Stop the Money Pipeline, and the Vessel Project in discussion with Costco’s CEO and Senior Vice President. 

This campaign is personal for so many of us—I grew up riding around in the back of Costco’s (then ‘Price Club’s’) enormous shopping carts as a kid while my dad picked up supplies for his pizzeria (he still swears that Costco is the reason small business owners can stay afloat). But the stakes are much higher for others. Roishetta Ozane—who joined the meeting and is the founder of the Vessel Project on Louisiana’s Gulf Coast—relies on Costco to secure emergency supplies for her family and community whenever severe weather and hurricanes, intensified by climate change, threaten her home and the surrounding region.

The irony—and pain—is lost on no one. While Costco provides vital resources for communities like Roishetta’s, its credit card partner, Citibank, is actively financing the fossil fuel projects that exacerbate the climate disasters these communities face. This contradiction stands in stark contrast to Costco’s motto: “Do the right thing.”

Making our case at the meeting

During the meeting, we presented a strong business case for Costco to align its credit card partnership with its values. We outlined how Costco could integrate its banking partners into its Climate Action Plan, as it does with other suppliers and vendors. To support our case, we shared examples of major companies addressing their “financed emissions” and offered actionable steps for Costco to clean up its credit card partnership or consider a greener alternative.

In addition, we delivered over 3,000 handwritten postcards from Costco members, shareholders, and Third Actors like you; some were read aloud to ensure leadership truly heard their community’s concerns and commitment to this campaign.

Costco CEO Ron Vachris seemed genuinely engaged, asking lots of questions, and open to hearing our concerns. We could tell he cares what Costco members and shareholders think. Their VP later acknowledged that the postcards showed that people are deeply invested in this issue. While leadership takes time to consider the resources and recommendations we shared, we agreed to continue the conversation.

This progress is thanks to the sustained, friendly efforts of Third Actors, Third Act Working Groups, and deep collaboration with our partners like Stop the Money Pipeline, Climate Defenders, and Stand.earth. It reflects the power of collective action to influence even the largest corporations. Together, we’re showing that people power can create meaningful change, even with the world’s largest corporations. We’re encouraged by the engagement of Costco’s leadership, but we know the work isn’t done. We’ll continue this fight until we win.

Campaign history and milestones

Looking back, it’s incredible to see how this campaign grew from a simple idea to meaningful dialogue with one of the world’s largest corporations. Guided by Third Act’s campaign strategist Deborah Moore, what began with a small group of Third Act Washington members—organizing in Costco’s home state—has grown into a nationwide movement in just over a year.

Here are some of the major achievements of this monumental campaign:

• 40,000 petitions delivered to Costco before their annual shareholder meeting.
• Thousands of handwritten postcards and emails to Costco leadership.
• Demonstrations across the country, where members have been arrested to draw attention to this critical issue.

Costco’s reputation as a values-driven company is well-earned. From refusing to sell endangered seafood to establishing its own climate goals (like reducing deforestation), and paying fair wages, Costco has shown a willingness to lead on critical issues. We hope they’ll evaluate their credit card partnership and influence Citi to take meaningful action to stop funding fossil fuels and accelerate its clean energy funding. 

If you haven’t already, join us in this action by signing our petition so Costco can hear from you, too.

Third Act works to persuade big banks, like Citibank, to stop funding the expansion of fossil fuels that are contributing to climate change. Older Americans hold more than 70% of the wealth in the US, so Third Act supporters have a powerful voice in calling on financial institutions to not use their retirement savings and investments to rob coming generations of a healthy future. As part of our Banking on our Future campaign, Third Act, with leadership from its Working Groups, was a core partner for the Summer of Heat on Wall Street campaign to escalate pressure and “turn up the heat” on Citibank through 12 weeks of sustained non-violent direct action in New York City and across the country.

The goals of Summer of Heat were to disrupt business at Citibank headquarters in New York City, grow our climate movement and the number of people willing to risk arrest for climate action, develop new leaders able to organize disruptive actions, and host at least 3 direct actions per week throughout the summer to increase visibility and pressure on Citi.

Third Actors organized 25 actions across the country in protest of fossil fuel funding by big banks

Throughout the summer there were “themed” weeks of protest elevating the climate concerns and demands for Citi to act. These demands came from youth, elders, frontline environmental justice communities, scientists, and more. There were 45 actions organized in and around New York City across the 12 weeks, 32 of which were focused on Citi headquarters and executives. Third Act and our Working Groups led and organized 5 actions in New York City during the summer, plus another 20 actions organized across the country during “Elders Rise Up” week in July. This was a disruptive action at Citi HQ roughly every 2.7 days – something Citi executives and employees had to face day after day, week after week.

The actions that Third Act led included: the Rocking Chair Rebellion rising up to stop funding climate chaos; a funeral procession and die-in honoring people and nature who have died as a result of climate extremes worsened by Citibank’s funding; a family-friendly read-a-thon and sing-along, resulting in a book delivered to Citi with childrens’ and elders’ wishes for the future; an action focused on Citi’s big credit card client Costco; and numerous events and actions at bank branches across the country during which grandparents shared why they were protesting. For many, the motivation was the same: to protect their grandchildren’s future.

More than 5,000 people in total participated in the actions in NYC and 700 arrests were made. About 200 of the 700 arrested were Third Actors, including many who were emboldened to take arrest for the first time. Third Actors from all over the Northeast, Midwest, and even the West and Southwest came to New York City to protest, as well as thousands who participated in distributed actions across the country.  At the July 8, 2024 action in NYC, Third Act launched “Elders Week” with a “sidewalk sermon” featuring Bill McKibben; Rev. Lennox Yearwood, Jr. President of Hip Hop Caucus; Gus Speth, former dean of Yale School of the Environment and former Administrator for the UN Development Program; youth speaker Liv Senghor from Summer of Heat; Rev. Dr. Jim Antal, special advisor on climate justice to the United Church of Christ; and Rev. Dr. Margaret Bullitt-Jonas, an Episcopal priest, author, and climate activist.  After the sermon, hundreds of people staged a funeral procession led by a bagpiper around Citi’s headquarters, ending with a die-in blocking the entrance to Citi. Police arrested Bill and 46 other elders at the July 8 die-in, and on August 27, the day with the highest number of arrests, 68 elders were arrested.

We generated more than 250 pieces of media coverage and reached 5.1 million people

Thanks to our collective efforts, we generated more than 270 pieces of media coverage across online, offline, and social platforms, including posts from Third Act Central and coverage from top outlets like The New York Times, Bloomberg, Los Angeles Times, and Democracy Now! This attention forced Citi to respond to reporter inquiries.Influencers like Dan Savage, scientist Sandra Steingraber, and rock star Michael Stipe (frontman for R.E.M.) also highlighted key actions, including Elders Day and Elders Week, and helped expand our reach.

Our communication push reached 5.1 million people, with 52,500 people engaging with our digital efforts and 392,000 people viewing our campaign in some way, shape or form across various platforms. You can check out some of the action videos here, here, and here. And read more about all the amazing actions via this collection of all the blogs published by Third Act Working Groups throughout the summer.

We are seeing the fruits of our labor

Our pressure is working. On July 9, Citi released its latest environmental and social risk management report that includes an updated policy that will restrict the bank from directly financing new projects involving Amazon oil and gas expansion. This policy update followed years of pressure from investors and Indigenous peoples, as well as the first few opening weeks of Summer of Heat protests. While a welcome change, this is a tiny fraction of Citi’s fossil fuel financing, the vast majority of which funds and under-writes oil and gas companies, rather than the projects themselves. So this announcement does not change our demand that Citi broadly stop funding fossil fuel expansion.

Throughout the summer, Citi executives were forced to send memos to all staff at the global HQ about the protests and what was happening, prompting numerous staff conversations in meetings and “around the water cooler.” Protestors leafletted passersby and Citi employees, both at Citi HQ protests and at our distributed actions around the country. There were a range of reactions from Citi employees, from interested and sympathetic to disaffected to aggressive. Passersby were most often curious and had, for the most part, been unaware of banks’ roles in funding climate chaos. 

For Third Actors, Summer of Heat helped strengthen and build our growing community of action-takers, especially training up elders, many of whom were arrested for their first time, in how to organize and participate in non-violent direct action.. The CT Mirror published this piece by Third Act Connecticut members, 5 of whom had not been arrested before Summer of Heat.

But we are not done yet

We will not let up on Citi, and other big US banks, until they stop funding fossil fuel expansion and accelerate a transition to clean energy and climate solutions. Just this week, our partner Stand.earth released a new report documenting Citi’s environmental racism. It details deaths, asthma, and climate pollution linked to Citi’s funding of gas terminals.

In solidarity with Gulf South communities being poisoned by Citi’s funding of oil and gas projects, you can take action to push Citi to end its financing and instead invest in just, sustainable, community-led solutions to the harms it has caused these frontline communities. Together, we can collectively hold the dirty bank accountable. 

You can expect continued actions and protests during Climate Week in NYC (September 22-29, 2024) and beyond. We look forward to making more good trouble with you and invite you to join a Third Act Working Group and our ongoing Banking on our Future campaign.

In cities where there are no Citibanks, activists turned to the other big banks funding fossil fuels. In North Carolina, Minnesota, and Pennsylvania, Third Actors chanted outside of Wells Fargo.

Third Act North Carolina 

Citizen Times reported on the rally in Ashville, citing the particularly hot conditions that day and the accompanying radical marching band Brass Your Heart, as well as the songs, chants, and marches.

“What are we leaving for my grandchildren?” organizer Cheryl Orengo, 71, asked. With one grandchild only six-years-old and the other a toddler, “What are they going to be dealing with? I can’t even think about it because it worries me so much.”‘

Third Act Minnesota

On their blog, “Bringing the HEAT to Wells Fargo,” Third Act Minnesota writes:

“On July 10, at our largest protest yet, over 50 Third Actors and other allies demonstrated at the Wells Fargo Minneapolis corporate office towers demanding the bank stop financing fossil fuel projects. A few Third Act Wisconsin members even joined us. As we announced our intention to occupy the lobby, Wells Fargo locked down both towers, forcing employees to find alternate ways to enter the building. The bank notified all employees in the building about the protest, so we successfully reached hundreds of them—some who supported our efforts. We greatly expanded the reach of our protest when two witnesses with sizable social media followings posted favorably about the action. We received at least 30,000 views on X (formerly Twitter).”

Not only did Minnesota make a significant impact on social media, the group also made it into the MinnPost. David Mann and Carolyn Ham shared their opinions with the publication, highlighting their motivation for doing this work:

“I have a 26-year-old son who has his own anxiety about where we’re headed,” Mann said. “I didn’t feel like I could keep looking him in the eye if I wasn’t doing something.”

As for motivations of the group’s other members, Ham said they ranged from frustration that writing and calling their politicians never yielded results, to wanting to make up for a lifetime of not doing much organizing at all. But the nearly universal answer among the activists was “it’s my grandkids, it’s for the future of my kids and grandkids,” she said.

Third Act Pennsylvania

Third Act Pennsylvania caught the attention of the PhillyVoice:

“Though it is centered on Wall Street, the movement has spread to cities across the United States in recent days. It’s also, notably, full of elder voices. Many of the protesters on Market Street were affiliated with Third Act, a progressive organization led by Americans over 60, or the like-minded Elders Action Network. Some sat in rocking chairs while singing protest songs and cheering on speakers like City Councilmember Nicolas O’Rourke. Several carried signs referencing their grandkids.”

Third Act Massachusetts

Third Actors showed up outside Bank of America in Bedford, MA. The Bedford Times writes: “Many lined up alongside the street holding signs, a few with walkers, some seated in outdoor folding chairs. Among them was Peggy McKibben of Carleton-Willard Village, whose son Bill McKibben, a writer and environmental activist, founded Third Act.”

Third Act Maine

In Maine, activists changed outside MainePERS, the Maine Public Employee Retirement System, during a board meeting. According to a law passed in 2021, MainePERS is required to divest from fossil fuels by 2026. However, the organization has been slow to act and insists that divestment will impact returns for its pensioners.  

From Maine Public:

Charles Spanger, with Third Act Maine, pointed to a recent analysis showing that a fossil fuel-free portfolio would have outperformed MainePERS over the past decade.

“They will do better if they purchase fossil free portfolios,” Spanger said.

Read more in the Maine Morning Star, WABI Channel 5, and Third Act Maine’s blog.

Third Act Bay Area

In San Francisco’s Embarcadero, hundreds marched to two Citibank locations. They carried their rocking chairs, chanted, petitioned, wrote postcards, and spoke their truth for future generations to come.

From the SF Bay Area blog:

Artist David Solnit was on hand to draw the mural, activists jumped in to paint. His work was also evident on clothing panels, banners and posters. Chants and songs filled the air, accompanied by five amazing Golden Bell Music musicians. Aside from the fun, the message to Citibank never wavered: Stop profiteering from our children’s future.

Check out Mike Freeman’s interviews with Third Actors below:

Third Act Florida

Meanwhile, in Gainesville, Florida, volunteers gathered at a speaker’s panel and social. In solidarity with their fellow activists protesting outside Wall Street, Florida took a different approach in support of Summer of Heat. Read more about it on the Third Act Florida blog. 

You can read all about working group efforts on their blogs. We’ll continue to update this page, covering the rest of our volunteer actions. Onward!

As part of the Summer of Heat on Wall Street and our Costco campaign to pressure Citi to stop funding fossil fuels, Costco members, Third Actors, youth, and other climate activists dressed in hot dog costumes and red aprons – representing Costco’s iconic $1.50 hot dogs and samples staff – blocked 1000+ Citi employees from getting into work for well over an hour.

We blockaded all 12 doors, sang chants like “Hot Dogs Hate the Dirty Cash,” and spoke to hundreds of employees that were stuck, sweating in the plaza of Citibank’s headquarters. Citi’s employees were feeling the heat, literally. In addition to the action at Citi HQ, we called the direct phone lines of Citi executives who are in charge of Costco’s credit card partnership, commented on their linkedin posts, and flooded their email inboxes (and you can still take those online actions too!). 

The Summer of Heat on Wall Street is a sustained campaign all summer long to escalate pressure on Wall Street financiers that are bankrolling climate extremes like this summer’s deadly heat waves, floods, and hurricanes, and this action was the largest disruption of Citi’s operations at HQ we’ve pulled off yet.

Why the hot dogs and red aprons? To represent an iconic retailer, Costco.

Why Costco? Because Costco has a credit card partnership with dirty Citibank. And because Costco is the third largest retailer in the US, where 1 out of 3 Americans shop, and has a lot of sway as a large client of Citi’s. Citibank is the #1 funder of fossil fuel expansion and the #1 funder of liquified natural gas (LNG) in the world. The fossil fuel industry is polluting and destroying our communities and the places that we love. If Costco considers itself an “ethical” company, it should not do business with unethical ones like Citibank which is financing an industry that is literally killing us and our planet. 

Why show up at Citi HQ? We showed up at Citibank’s headquarters dressed as Costco hot dogs to show Citi that thousands of Costco members are demanding that Costco use its leverage as a large credit card partner of Citibank and push Citibank to stop funding fossil fuel expansion, starting with an end to new or future liquified natural gas (LNG) projects. And if Citi doesn’t stop funding fossil fuels, Costco should drop Citi as a credit card partner all together. We want Citi to do that because it may be at risk of losing one of its largest clients due to Citi’s fossil fuel financing. 

We’ve been turning up the heat on Citibank all summer long. Just this week, in addition to the Costco Hot Dog Rebellion, there were three other actions in NYC: on Monday July 8th, Third Act Elders held a memorial for all we have already lost to climate change with a bag-pipe procession, a die-in, and 46 arrests, including renowned climate activist and Third Act founder Bill Mckibben. On Tuesday July 9th, the Costco Hot Dog Rebellion blocked 1000+ employees from getting into work for over an hour. And then on Wednesday, July 10th, kids, parents, and grandparents gathered for a storytime and sing-along about the climate crisis. On Thursday, July 11th, lamenters representing heat waves, biodiversity loss, and other climate-related disasters staggered themselves in Citi’s plaza as employees walked into work. And there were more protests across the country.

Our pressure is working. Bloomberg recently reported that our campaign “is beginning to wear on Citibank employees and executives alike”; the New York Times just released a piece about our campaign, pointing out that “Citi’s investment portfolio is at odds with global goals to limit global temperature increases” ― and just last week, thanks to powerful Indigenous leadership, Citi came out with some updates to its climate policies, excluding 18% of its oil and gas financing in the Amazon. 

While this is an important step, Citi’s new policy not only leaves out 82% of Citi’s financing in the Amazon, but also the rest of its fossil fuel expansion financing in the rest of the world. So, we are going to continue to turn up the heat on Citibank – and on Costco – all summer long. 

You can help by signing the “Costco: Clean Up Your Citi Credit Card” petition, and join the Summer of Heat on Wall Street campaign. 

Video: Breanna Perez / @perezbrenna
Images: Luis Yanez / @luigiwmorris

Which is why we’re bringing some heat of our own, to the big banks that are the main funders of the fossil fuel industry.

Summer of Heat is centered in New York City—indeed, it’s centered outside Citibank, which has lent 400 billion dollars to Big Oil since the Paris climate accords were signed in 2016. This is venal—the International Energy Agency said in 2021 that all new investment in fossil fuel infrastructure needed to end right then. But it’s also predictable, because the banks (remember Mary Poppins?) care a great deal about money. As we learned from leaked documents a few weeks ago, Citibank told the Federal Reserve last summer that if the planet reached net zero by 2050 it would cost them $3 billion in loan losses to their fossil fuel clients.

Meanwhile, a recent peer-reviewed article in the journal Nature projected that the world economy will see an income reduction of 19% and global annual damages estimated to be about 38 trillion dollars by 2050. So, you’d think if the banks cared about money in the longer term, then they’d care about climate-related financial risks and transitioning their portfolios out of fossil fuels and into a clean energy economy, thereby reducing projected future losses and damages.

But the banks aren’t acting anywhere near fast enough. That’s why the Summer of Heat coalition—including Indigenous groups and frontline communities, environmental justice organizations, youth movements, and yes, us elders—is planning to “turn up the heat” on Citibank and other fossil fuel funders via 12 weeks of sustained disruption in New York City. The first week features an Elders Day on June 13th in NYC, along with a Scientists Day and other themed days. And this will be followed by themed weeks, including Elders Week July 8-13 (in New York City and other locations – more info coming soon!), Youth Week, Frontline Fighters Week, and more.

So, why should you all join in for this effort?

Because we older Americans, taken together, have powerful financial resources. Because we’ve been saving our whole lives, we have something like 2/3 of the country’s wealth—enough that banks and asset managers have to pay attention to us. We are elders—retired union members, teachers, health care professionals, lawyers, as well as parents, grandparents, great aunts and uncles and now activists with decades of life experiences—who are backing up youth fighting for a peaceful, just, and healthy world.

This “Rocking Chair Rebellion” will rise up during Elders Week to demand that Wall Street banks and financiers stop using our savings to bankroll the climate crisis. We are “Fossils Against Fossil Fuels.”

Join us and lots and lots of other people and groups outside these banks this summer to disrupt business as usual.

We’re not going to change these banks overnight. But we have to keep putting them on notice—that began with the actions you pulled off last spring in 100 cities; it continues this summer. Because if the weather is going to be sizzling, then we need to be on fire!

Citi is the world’s second largest fossil fuel funder, having contributed over $332 billion to the industry since the Paris Accords in 2016. 

At the “People vs. Citi: Confronting Citi Group’s Environmental Racism” public hearing we heard powerful testimony from people on the frontlines of climate change, from Peru to Canada, from Louisiana to the Bronx in NY and how their communities are suffering from pollution, wildfire smoke, losing their homes to floods, and struggling to survive amidst air pollution and sweltering heat waves. Building on this hearing, a series of protests at Citi headquarters and branches, as well as other big US banks, erupted across the country this week, igniting more actions planned to “turn up the heat” on the banks through this spring and summer, culminating in the Summer of Heat, twelve full weeks of targeting the financiers of climate chaos, including Citi. 

The hearing was chaired by environmental justice activist and founder of the Vessel Project of Louisiana, Roishetta Sibley Ozane. Ozane is deeply involved in the Gulf Coast fight against liquefied natural gas (LNG) facilities that are devastating local communities in the South. Distinguished speakers joined from around the country to speak about the environmental destruction they have witnessed and dedicated their lives to fighting against. These included Goldman Environmental Prize winner, TIME100 honoree, and Laetare Medal recipient Sharon Lavigne, Wet’suwet’en Hereditary Chief, Chief Na’Moks, and actor and climate activist Jane Fonda, among others.

Fonda opened the hearing by describing the privilege of living far away from what companies call “sacrifice zones”:

I thought that I understood the problem. I’ve researched. I’ve read. But until I went to Texas and Louisiana and visited Cancer Alley and the communities around the Gulf, I didn’t really understand the extent to which these companies, these global giants who make trillion dollars in profit, don’t care at all about the lives and the health of people who live in these front line communities. 

It is shocking to see what the pollution from these plants does to these communities. Entire communities disappear. 

Speaker after speaker from affected communities called upon Citi to cut funding for new and expanded LNG projects and use their resources to invest in clean energy alternatives and donate to Black, Brown, and Indigenous communities and those disproportionately affected by decisions made by those at the top, conveniently shielded from the consequences of polluting facilities. 

Several of Citi’s large clients, like Costco – which has a co-branded credit card partnership with Citi – were invited to attend or watch this public hearing to learn about the community impacts that they are affiliated with via their banking partnerships; but Costco did not attend or watch the hearing.

More than 26,000 people watched some portion of the livestreamed hearing. Watch the recording here and Jane Fonda’s introduction here.

Citi’s Role in Environmental Racism and Health Inequality 

In the wake of George Floyd’s death and Black Lives Matters protests, Citi pledged to introduce more transparency into its racial equity efforts, committing $1 billion to help close the racial wealth gap through initiatives such as improving credit access in communities of color and increasing investment in Black-owned businesses. The irony, as Russell Armstrong of the Hip Hop Caucus stated, is that Citi is publicly announcing investments in the very communities they are also extracting from. They simply don’t advertise the extractions and exploitation. That’s our job. Armstrong expanded:

In Citi’s Corporate Social Responsibility statements they say they “feel responsible for the community in which it operates” and we couldn’t agree more. That is why we are calling on Citibank to come meet with the frontline communities in the Gulf South and bear witness to how the additional billions in financing for fossil fuels since the 2016 Paris Agreements is not helping “build more sustainable, diverse and equitable communities” that they proudly stay they are “playing a leading role to drive the banking industry into a more sustainable future. 

The US is currently the largest exporter of LNG and is perpetually building new terminals, which produce extremely harmful toxins and are disproportionately located in the Gulf South amongst Black, Brown, and Indigenous communities. To date, Citi has provided $1.7 billion in direct financing to four LNG terminals in the South. Not only that, Johanna Hiro Torres of the Sierra Club revealed that the bank has continued to hand money to the Cheniere company, owners of Corpus Christi LNG, a terminal that has violated its emissions limits hundreds of times. Citi has consistently funded and advised terminals that have documented histories of failing to meet federal requirements, including Cameron, Port Arthur, and Delfin LNG terminals. Projects like these are still seeking funding, and Citi is still advising them. 

Banks try to cover their tracks, but the evidence is clear: pollution from these facilities is highly correlated with high asthma rates in surrounding communities. And these facilities are associated with chronic obstructive pulmonary disease, stroke, heart disease, reproductive ailments, and mental health issues, emphasizing the stress and worry caused by living in polluted environments. 

During a panel with Indigenous leaders and activists, executive director of the Carrizo Comecrudo Tribe of South Texas Christa Mancius, President of the Autonomous Territorial Government of the Chapra Nation in Perú Olivia Bisa, and Wet’suwet’en hereditary Chief Na’Moks, spoke about Citi’s lack of concern for Indigenous rights. Mancius left us with words her dad has instilled in her for many years: 

Five hundred plus years ago, people came from overseas to do one thing: to take the resources out of these lands and ship them back overseas. Five hundred plus years later, they’re still doing the same thing: continuing a genocide in erasure of Indigenous peoples across the Americas. 

They have continued to erase and kill our people on the resources of the lands that were given to us by our Creator. We came out of Creation from Mother Earth and we were placed here for a reason: to protect her and the identity of our people, and to live in peace with Mother Earth.

What We Are Demanding 

The hearing resulted in a list of demands for Citigroup: 

1. Immediately stop financing new and expanding coal, oil, and gas projects and any companies expanding fossil fuels.
2. Rapidly phase out all fossil fuel financing and demonstrate year-on-year reductions in fossil financing in line with minimizing climate harms and limiting global warming to well below 1.5°C.
3. Ensure that clients fully respect all rights of Indigenous Peoples, including the Indigenous Peoples’ Right to Free, Prior, and Informed Consent (FPIC) as articulated in the UN Declaration on the Rights of Indigenous Peoples.
4. End financing for any projects or companies that demonstrate a pattern of violating human rights and self-determination, especially for Indigenous, Black, low-income and communities of color.
5. Adopt or strengthen sectoral and regional exclusion policies, including for coal, LNG, Arctic, Gulf South and offshore/ultra-deep drilling.
6. Scale up investments in renewables and proven climate energy solutions in line with a just transition and the needs outlined by the International Energy Agency, beyond the inadequate goals currently set by the bank.

Read Stop the Money Pipeline’s press release for more.

Heading into Spring and Summer as a United Front 

While the big banks like Citi have still not heeded scientists’ and communities’ calls to stop funding fossil fuel expansion, the hearing’s speakers did highlight the progress we’ve made: the number of terminals that haven’t been built, President Biden Administration’s pause on new LNG terminals , the support we’ve received from Citi’s shareholders on resolutions on Indigenous rights, and the unity we see right here in this movement. 

In fact, these past few days Third Actors have been united in their Spring Spark actions against the financing of fossil fuels. From Florida to the San Francisco Bay Area, from Washington, DC to Ohio, and in New York City, supporters gathered to protest outside bank branches and Citi headquarters. 

To keep up to date with our activities, check out the Working Group Events page. Stay tuned for a recap blog on the April 24th and 25th Spring Spark actions against fossil fuel financing.

The Congressional subpoena claims that asking a company to reduce carbon pollution infringes on the freedom of all Americans. As You Sow’s CEO Andrew Behar has met with staff from Congressperson Glenn Ivey (MD) to Hank Johnson (GA) and several more, reporting that the volume and personal tenor of the letters has made a huge impact:

I want to send huge amounts of gratitude to our partners like Third Act and to the folks who signed each letter. This is what democracy looks like when people engage in the process and to know that there are Congresspeople who are truly responsive.

Staffers were impressed by the numbers of constituents who took the time to write and these letters will be entered into the official House record at the Committee level. Here’s to the power of letter writing!

Making the Campaign Visible to Costco

As part of coalition efforts to escalate pressure on Wall Street banks to stop funding dirty fossil fuels, we are working to leverage the power of big bank clients like Costco to influence their banking partners on climate. Third Act and Third Act Working Groups, Stop the Money Pipeline, Stand.earth, Climate Organizing Hub, the Sunrise Project, New York Communities for Change, Hip Hop Caucus, and several other partners together launched the “Costco: Clean Up Your Credit Card” campaign in September 2023 and gathered petition signatures in-person and online throughout the Fall (if you haven’t signed it, you still can!).

Our tone has been consistently friendly and encouraging towards Costco, as our primary request is that Costco push Citibank to stop funding dirty fossil fuels. We have written to Costco’s executive leadership multiple times requesting a meeting and offering to be a resource to assist Costco in addressing the company’s emissions associated with its banking relationships. But we did not receive a substantive reply other than “we plan to honor our contract with Citibank.”

To make sure that Mr. Vachris, Costco leadership, and board members heard and saw the growing chorus of voices calling on Costco to “do the right thing,” as its corporate motto proclaims, we planned a series of activities to make this petition delivery visible.

Check out this round-up of our creative and collective efforts on full display over several days and watch the video below:

• Delivered to Mr. Vachris’ office at headquarters a card and booklet with the 40,000 signatures, including 18,000 Costco members;
• The “welcome party” at Costco headquarters on January 17, complete with a sheet cake, a giant card congratulating Ron, party hats, Costco members in red aprons, and giant scissors cutting up a Citibank credit card. We  even had a dancing hotdog!! (Costco is famous for its $1.50 hotdogs);
• Sang a reworked “Celebration” song by Kool and the Gang with lyrics like “Citibank, Good Bye, Farewell!” (watch this video by Alex Garland);
• A mobile billboard that circled Costco headquarters, an adjacent warehouse, and the Seattle Costco warehouse on January 18, the day of its virtual shareholder meeting, with graphics calling on Costco to drop dirty Citi (see video, photos);
• Costco shareholders published a blog expressing their concerns and submitted written questions during the shareholder meeting asking what steps Costco is planning to take to address these concerns regarding its relationship with Citi; 
• Costco members delivered the petition memo and card to at least 10 Costco stores in 6 states (and counting!), and engaged in sincere conversations with Costco store managers. Many store managers shared that they are concerned about climate change, they did not know about Citibank’s role in funding the climate crisis, and agreed to share the petition information with their regional managers and leadership;
• Published updated analysis by Topo Finance estimating Costco’s carbon footprint from its cash deposits – where banks get to use its money to fund oil, gas, and coal – is equivalent to 85.3% of Costco’s total operational carbon emission (all the energy and gas used for its warehouses, deliveries, capital goods, employee travel and commuting, and more). Costco’s carbon cash footprint is equivalent to 10.1 gas-fired power plants operating for one year; and
• Garnered publicity via an in-depth article by Keerti Gopal at Inside Climate News, coverage by Progressive Grocer (a trade association publication), a media statement, and Bill McKibben’s Substack “Sheet Cake As Ammunition.”

Costco CEO Responds at the Shareholder Meeting

As a result of all this creative campaigning and visibility, and in response to a group of Costco shareholders asking questions about Costco’s relationship with Citi during the virtual annual shareholder meeting, Costco’s new CEO, Ron Vachris, responded:

“Citi is indeed a key partner for Costco Wholesale, and we are aware of those petitions that were signed. We are going to continue moving forward with our climate action plan, and have been in discussions with Citi about their carbon reduction plans in the future. We’re going to focus on our efforts, and we’ll stay close to Citi and their efforts as well.”

We got the CEO of the 3rd largest retailer in the US to publicly acknowledge our campaign and the issue of Citibank’s climate pollution! While this is definitely not enough, this indicates significant progress for our campaign. We are hearing directly from the new CEO for the first time on this issue, Costco leadership has seen and acknowledged this issue, and we now know that Costco is having “discussions” with Citi about their carbon reductions. 

Bill McKibben remarked on the CEO’s response: “Costco has taken a good first step: it has acknowledged the concerns there are with Citi as its credit card issuer. The next step should be robust discussions with Citi over the billions it continues to pour into harmful projects and companies that are contributing to climate change. We eagerly await the outcome of these discussions.”

Stop the Money Pipeline is a core leader of the Costco campaign coalition, and Sarah Lasoff  STMP’s Special Projects Manager expressed her excitement about this progress and what’s next. “I am immensely grateful for and proud of all the organizing that has led to this moment. Our campaign and coalition are making progress and it’s because of people just like you. From sending an email to showing up to Costco’s HQ to petitioning at Costco warehouses and farmers markets, all of our collective pressure resulted in Costco CEO’s public response. While his response indicates progress, it is not enough. We are going to need as many folks involved as possible, especially Costco members, shareholders, employees, and board members, to continue our pressure urging Costco to turn acknowledgement into serious action.”

We look forward to hearing directly from Costco’s leadership about their own efforts as part of Costco’s climate action plan, how they will address Costco’s financed emissions associated with their banking relationships, and how Citi is responding.

Citi Are You Listening? Stop Funding Fossil Fuel Expansion!

Anne Shields, a member of Third Act Washington and a Costco shopper, notes, “We are pleased that new Costco CEO Ron Vachris is prepared to listen to 18,000 of Costco’s own members like me and to discuss with Citi about getting serious on climate. But Costco should know that talk isn’t enough, we want to see action. We want Costco to make it clear that they will take their business to another bank if Citi doesn’t get serious on climate. I am doing this for the future of my sons and I won’t be giving up.”

About a year ago, Chris Goelz, a Third Act supporter in Seattle, had just signed Third Act’s Banking on our Future Pledge and realized his Costco credit card was issued by Citibank. So, he reached out to Costco staff that managed the Citi credit card partnership to express his concerns, which were politely deflected and passed on to Citibank. Chris is also a Costco shareholder and says, “Our call remains the same:  Unless Citi significantly curtails its funding of fossil fuel expansion, Costco must find a new credit card partner.” 

Our efforts are not stopping with the petition delivery. No way! Already since last Friday, more than 100 people have submitted Letters to the Editor to their local papers (you can too! Use our online tool), and the Press Herald in Maine has already published one. More than 3,600 people wrote to the top four Costco executives asking them to heed the call of petition signers and reevaluate its relationship with Citibank. And there’s even a new song “Hey, Citi–Hey, Costco” by a Third Actor from Texas, Purly Rae Gates , who is a talented musician and songwriter. Purly Rae sings:

“Hey Costco, quit the Citi
For the country, the planet, for the future we will see.
Be a leader, do the right thing
Help us move the world to clean energy.
Clean up the card!
It’s a choice.
Mother Earth has given warning
It’s time to raise your voice.”

We are raising our collective voices! And we continue to urge Costco to raise its voice and call for Citi to stop funding fossil fuels and accelerate its investments in clean energy and climate solutions. 

(Watch for the imminent release of Purly Rae Gates’ digital, 6-song EP “Songs for a Fossil Fuel Funeral” on the usual platforms). 

Third Actors have been leading a significant fight against banks behaving badly against our climate, and have added a new strategy: working to encourage the big clients of big banks – like Costco – to push banks to end their relationships with the fossil fuel industry or risk damaging their own brands. Costco is very popular: it’s the third biggest retailer in the U.S. and 1 in 3 Americans shops at Costco, including thousands of Third Actors. But Costco’s co-branded store credit card is issued by Citibank, the #1 US funder of coal and the 2nd biggest funder globally of fossil fuels. That’s why, as part of the Costco: Clean Up Your Credit Card campaign, Third Actors have been hosting petition drives – more than 45 events in 14 states – and engaging Costco shoppers in their communities to raise awareness about Costco’s relationships with dirty Citibank and how Citi’s egregious bankrolling of oil, coal, and gas expansion is undermining Costco’s own climate commitments.

In addition, in advance of Costco’s virtual annual shareholder meeting on January 18, 2024, Third Actors who are Costco shareholders are expressing concern about Costco’s banking relationships, in particular its credit card partnership with Citibank, and asking the new Costco CEO, Ron Vachris, and Costco’s board what their plans are for addressing Citi’s poor record on climate change and their continued investments in expanding fossil fuel production that is causing the climate crisis.

Many Third Act supporters are Costco members and shareholders and they have shared their concerns with us.

Chris Goelz is a member of Third Act Washington, and has shopped at Costco for 30 years, is a shareholder, and knows people who work there. “As I came to understand how the big banks are enabling the fossil fuel industry, I decided to sever all relationships with them. When I went through my credit cards, I was disappointed to find that the Costco card was cobranded with Citibank, one of the worst of the worst,” Chris shared. “So, I reached out to Costco directly, and although I emailed with several lovely people, Costco refused to even discuss the issue. The message was that whatever Citi does with the money it makes from Costco is not Costco’s concern. That doesn’t work for me.” Chris continues, “finding a responsible banking partner is something Costco can do — other big retailers have. Costco is in a strong financial position and I am certain that it can find a way to operate without poisoning the planet for all of us. As a shareholder, I want Costco to engage with customers and shareholders around issues of climate and to align its credit card relationship with its values and its climate goals.”

Massachusetts Third Actor Bruce Watson added, “Though there are not many Costco stores in Western Massachusetts, where I live, I have been a Costco shareholder for twenty years. I was drawn to the company not for its prices but for the respect it gives its workers. That’s why I was surprised to learn that Costco is resisting efforts to go green by pressuring Citibank to divest in fossil fuels.” Bruce continues, “I am puzzled why Costco would approve a green future for its own operations yet remain tied to Citibank. I join with Third Act and with Costco shareholders in challenging company directors to be more consistent in their efforts to fight global warming.“

Shareholders appreciate Costco’s growth, mission, values, and commitment to reducing its carbon footprint. However, shareholders are concerned about Citibank’s terrible record of funding clients like ExxonMobil and expanding oil and gas production in the Amazon rainforest, across the African continent, and in majority Black communities in the Gulf Coast.

Third Actors believe this record does not align with Costco’s values, ethical standards, or climate policies.

You can hear directly from Third Actor and Costco shareholder Chris Cantwell from New York, who really believes in Costco, share about why Costco should find a better credit card as part of our Costco: Clean Up Your Credit Card campaign.]

As one of Citi’s largest credit card clients, Costco has a huge opportunity to use its power as a retail leader to push Citi to stop funding new fossil fuel projects and urge Costco’s executive leadership and board to address these concerns.

Costco shareholder Chris Goelz said it more bluntly, “Cheap roasted chicken isn’t worth jeopardizing our planet’s future.” 

It has been an exciting time for Third Actors in the “DMV’ region – our DC, Maryland, and Virginia Working Groups – as they once again pressured numerous big banks to end their entanglements with fossil fuels.

Recently, The Third Act DMV cohort took their Rocking Chair Rebellion to Citibank, Chase, and Wells Fargo to protest these large banks’ continued funding of fossil fuels and the damaging impact on our climate created by these misguided investments. These actions are especially critical in light of Wells Fargo’s significant financing of the Mountain Valley Pipeline, one of the most essential projects threatening our climate, a 330-mile fracked gas pipeline that runs through the heart of the Blue Ridge and Appalachian regions of Virginia and West Virginia.

“We are continuing to target the banks because it is a great and easy way to bring Third Actors and others together,” noted Lisa Finn, Co-Facilitator of Third Act Virginia Working Group. “Instead of meeting for coffee, we protest a bank and then have coffee or lunch. Each action brings new people together.”

Through these actions, including flyering and conversing with bank managers, Third Actors can communicate with the community about these fossil fuel issues in an engaging way. Indeed, these rallies and actions attract first-timers and experienced folks, and the DMV Working Groups are building a great community of action-takers. The next bank action is on December 20 in Baltimore!

Finn added, “We hope that by continuing to target the banks funding fossil fuel fight, the conversation stays in the news and might, just might make those CEOs think about our planet instead of money.“

Third Actors in New England are also taking a stand against banks banking badly on the issue of fossil fuels, as Third Actors from the New Hampshire Working Group are regularly at the front lines to challenge banks to clean up their act on climate, with weekly actions.

Deborah Mahar, Co-Facilitator of Third Act New Hampshire, shared, “During our weekly presence outside the Bank of America in Concord we enjoy the camaraderie of gathering together in solidarity.”

Third Actors experienced a tremendous moment when an employee of a nearby local bank that invests in local agriculture projects (i.e., NO FOSSIL FUELS!) came over to talk to NH Third Actors about the bank action.

Mahar added, “We’ve created enough of a stir that the bank’s armed guard has started to appear outside the bank whenever we are there. We’ve had cars honk in support and trucks pull up alongside to tell us how wrong we are. We’ve had a few people stop and take photos and ask questions. Being together in protest always renews and strengthens our passion and commitment to this cause.”

To join in on actions like these and more, please check out our Working Groups page. You can check out the New Hampshire, Virginia, Maryland, and Washington, DC Working Group pages, find other ones near you, and/or find an affinity group.

‘For more ways to get involved with the DMV activities, contact Lisa Finn at elizabethcf4@gmail.com and Deborah Mahar for Third Act NH thirdactnh@gmail.com.’

Stay tuned for more actions in the New Year. Happy Holidays and Happy New Year from everyone here at Third Act! See you in 2024!

And along the way it will hurt not only the people who have to live and breathe near these monstrosities, but also all American consumers—because exporting gas abroad drives up the price at home.

If you want a short primer, here is something I wrote this week, and another piece I wrote for the New Yorker.

Happily, we have a realistic chance at stopping this. Which is why I hope you’ll break out your stationery box and roll of stamps. The final decision will be made by the Department of Energy, which can grant or deny export licenses to these companies depending on whether they’re in the public interest. Please please please write a letter this week to:

The Honorable Jennifer Granholm
Secretary
U.S. Department of Energy
1000 Independence Ave. SW
Washington DC 20585

Here are some key points you can include in your letter:

1. These plants are carbon and methane bombs. In the hottest year of human history it’s obscene to be putting up more of them
2. We’re already the biggest gas exporter on earth, and have more than enough capacity to meet the needs of the Europeans in the wake of the Ukrainian war
3. When we export all this gas, we drive up the price for those Americans who still rely on it for cooking and heating. Rejecting this project will fight inflation, which will help get the president re-elected.
4. It’s an environmental justice travesty—as usual, these projects are set for poor communities of color
5. They’re planned for smack in the middle of the worst hurricane belt in the hemisphere
6. So rewrite the criteria (they’re currently using a Trump-era formula) for figuring out if such plans are in the national interest.

If you thought you were getting off without one high-tech task, though, you’re wrong. Could you also take a picture of the letter on your smartphone and email it to takingaction@thirdact.org, so we can keep track of what’s happening.

Remember, the penmanship you learned long ago is a secret weapon. Bureaucrats are used to getting email petitions; they’re not used to getting old-school letters. They know it takes effort, and they pay attention.

I think we can win this fight, and if we do it will be the biggest win on the climate front since we sunk the Keystone pipeline. But we can only do it if we act right now.

Thank you,

Bill McKibben

Founder, Third Act

P.S. As I was writing this, the first snow of the season started to fall in Vermont. That’s got to be a good sign!

But here’s the rub. Costco partners with Citibank for its co-branded credit cards. And Citibank is the definition of uncaring and heedless. It’s one of the four biggest lenders on earth to the fossil fuel industry, and they hand out the cash indiscriminately. This funding is making it possible for big oil, gas, and coal companies to keep expanding dirty, polluting projects that are contributing to the climate disasters we’ve all experienced this summer: deadly wildfires, smoky, unhealthy air, floods, hurricanes, and extreme heat waves. Citi is the number one biggest US  funder of coal; it is the second-biggest lender for oil and gas development in the Amazon rainforest (a climate crisis two-fer), and it has forked over billions for building out the LNG (liquid natural gas) terminals we’re opposing together with local communities in the Gulf Coast. Citi has lent billions to Conoco Phillips, the developer of the vast new Willow oil complex in Alaska.

What does this mean for Costco? The analysts at a think tank called TOPO have estimated that Costco’s cash in banks is the retailing giant’s biggest source of operational carbon emissions: if the retailing giant considered its emissions associated with its banking providers as part of its operational carbon footprint they would represent more than a third of the carbon it produces from its own operations. Costco has done a credible job of starting to clean up its stores and trucks.  As the company says on its website:

“we understand that we impact the environment through operating our 850 locations worldwide — and we are committed to running these in an energy-efficient and environmentally responsible manner. These efforts support our mission to remain a low-cost operator, while serving our communities, promoting environmental stewardship and reducing our carbon footprint.”

We take Costco at face value; and indeed it’s only in the last two years that we’ve really begun to realize how much carbon pollution is produced by corporate cash in banks that they then use to finance dirty fossil fuel projects. (Here’s a piece I wrote for the New Yorker that lays out the problem in detail). We hope that now that we’re raising the issue, Costco’s execs will get on it. They’re a big enough client that they can probably sway Citi to change its policies and stop lending to companies still expanding their fossil fuel operations. If Costco can’t, they should find a bank that operates as responsibly in the world of finance as Costco does in the world of retailing.

I confess I feel this one a little personally. Costco is headquartered in Kirkland, Washington (hence the name of their store brands). It’s now a big and wealthy Seattle suburb, filled with Microsoft engineers. But once upon a time it was a small ship-building town connected to Seattle by a ferry. And in those days my grandfather was the only doctor in town; somewhere I have a picture of hundreds of locals wearing shirts saying “I Was a Dr. McKibben Baby.” My Dad grew up there during the Depression, playing for the local baseball team. So when I reach for a bottle of Kirkland olive oil, it always brings a little burst of nostalgia, which is a lot better than a little burst of carbon.

Bottom line: people like Costco, and with good reason. But Costco has a problem that can be fixed fairly easily: by persuading Citi to strengthen its climate commitments or else switching to a better credit card company that isn’t wrecking the planet. These other choices exist—Sam’s Club (a Costco competitor) uses Synchrony, which does not invest in fossil fuels.

We’re asking Costco—together—to fix this problem.

You can join Third Actors, Costco members, and climate-concerned people and sign the petition urging Costco to call on Citi to step up on climate or else Costco will drop Citi. You don’t need to be a Costco member or Citi Visa card holder to join the petition. And if you are a Costco member, you can use a different Visa card at Costco stores (and find better Visa cards here and here).

Costco’s motto is “do the right thing.” Let’s remind them to do the right thing and call on Costco to shop for a better credit card.

Climate-driven catastrophes are wreaking havoc worldwide with devastating consequences for communities. Even Costco’s own stores have had to evacuate due to wildfires and severe flooding. From dangerous heat waves to destructive hurricanes, climate extremes are worsening.

We all deserve a future worth living, free from climate chaos and the pollution caused by dirty fossil fuels. The giant oil, coal, and gas corporations––bankrolled by institutions like Citi––are obstructing our transition to clean, renewable energy. Big box retailers like Costco are uniquely positioned to hold the banks to account.

Costco is a beloved brand. It strives to keep prices low and recently adopted na decent climate policy. Its motto is simple but powerful, “do the right thing.”

Since our founding, Costco has operated under the guiding principle of doing the right thing – for our members, our employees, our suppliers, our communities, and the environment. We understand that when we do the right thing, good things happen.

We want Costco to do the right thing here and demand change from Citi. That’s why we’re launching the Costco: Clean Up Your Credit Card campaign, spearheaded by Third Act, Stop the Money Pipeline, Stand.earth, Climate Organizing Hub, New York Communities for Change, and other dedicated partners.

The Climate Problem with Costco’s Banking & Credit Card

We’ve got the receipts on Citi: Citi is the second biggest funder in the world of dirty fossil fuels, providing more than $330 billion in financing to fossil fuel companies and projects since 2016, and is the largest US funder of coal. This funding is making it possible for big oil, gas, and coal companies to keep expanding dirty, polluting projects that are contributing to relentless climate disasters. The Wall Street banks are growing even bigger from corporate cash, retail customers, and credit card profits. From credit card partners to the cash it keeps in the banks, large retailers like Costco need to take the climate impacts of its financial relationships into account and compel its banking partners to stop undermining its own climate progress..

To demonstrate the need for Costco to take into account the climate impacts of its banking, Third Act and Stop the Money Pipeline commissioned analysis of Costco’s “financial carbon footprint” by TOPO, a “think and do” tank known for its work on The Carbon Bankroll report in 2022, which revealed the hidden and substantial climate impacts of corporate finance. TOPO’s analysis estimated that the pollution stemming from Costco’s cash in the banks it uses is more than one-third of Costco’s greenhouse gas pollution from its own operations. TOPO’s analysis is based on an average across US banks and is not Citi-specific, since Costco does not disclose publicly which banks it uses, separate from its credit card partnership.

If Costco considered the emissions generated by its banking as part of its operational carbon footprint, these estimated “cash emissions”—a total of 1.53 million metric tons of planet-heating carbon dioxide—are its biggest single source of carbon pollution, even more than the emissions from all the energy used in Costco’s warehouse stores for lights, heating, refrigeration, and deliveries. This amount is equivalent to more than 340,500 gasoline-powered vehicles driven for one year, or 1.7 billion pounds of coal burned, or 3.8 gas-fired power plants operating for one year (using EPA’s Greenhouse Gas Calculator). That’s a lot of pollution!

The Solution: Costco, Push Citi on Climate or Else Drop Citi

Costco is one of Citi’s largest credit card clients. Citi makes a lot of money from its relationship with Costco, and you know what banks care about? Money. That’s why Costco has the power to  persuade Citi to stop financing fossil fuel expansion or else to switch to a better credit card bank partner that isn’t wrecking the planet. By pushing Citi on climate or ending its credit card relationship with Citi, Costco can step up, keep its own climate promises, and compel Citi to stop funding fossil fuels.

In keeping with Costco’s existing climate policy and commitments, Costco should include the financed emissions associated with the banks it uses in its own annual reporting on its carbon footprint, just as it will report on the emissions associated with the suppliers of the products it sells. This will reflect Costco’s true carbon footprint. Lastly, Costco should include climate-friendly criteria in its requirements for how it selects its bank service providers, including credit cards.

Costco has the opportunity to be a leader among large retailers by addressing the climate impacts of its banking relationships. There are other credit card company options, and reporting a company’s complete carbon footprint will soon be required by a new law passed in California

What You Can Do

We know that Costco cares about its reputation. Costco listens to its members, and Citi listens to Costco.

You can join us by signing this petition urging Costco to drop Citi as its credit card issuer if Citi doesn’t stop financing fossil fuels.  While Costco members have a special voice, anyone concerned about climate can sign the petition. To win this campaign, we will need lots and lots of people to sign. So, let’s make sure Costco hears from members and non-members alike!

There are other ways you can help too, as described in the FAQs below. Many of us like shopping at Costco—free samples, infamous cakes, bulk buys, $1.50 hot dogs—and we’d like it even more if Costco shopped for a better, cleaner, climate-friendly credit card.

Want to know more? Check out the FAQs linked below.

Corporations have become adept at closing doors and covering their metaphorical ears. Wells Fargo and Bank of America locked out ThirdAct supporters and customers on the 3.21.23 Day of Action rather than accept their letters objecting to fossil fuel financing.

After decades of stalling, gaslighting, and locked doors, we’re taking a different tack: empowering a growing movement of people using their shareholder rights to vote to require companies to change via shareholder resolutions on corporate policies.

Shareholders are legally entitled to a vote, and a voice. And what can be an unwelcome intrusion for management has proven to be a growing solution for activists. In the last few years, we’ve seen unprecedented activism in the form of environmental, social and governance proposals, and the reshuffling of board members. If you own the company, it’s harder to lock you out.

So far in 2023, 542 shareholder resolutions have been filed; 217 related to climate; 93 on corporate political influence; 23 related to reproductive health; 38 on diversity programs, and six about racism in the workplace. There are 42 anti-ESG proposals.

But it’s not as simple as putting a good idea on the ballot. Citibank, Wells Fargo, and Bank of America invested $119 billion in fossil fuels just last year alone. Shareholders tried to put a stop to this. On April 25, 2023 shareholders voted on several proposals that would have required Citibank to phaseout lending for new fossil fuel projects. Even with the existential anxiety we all feel with one more catastrophic weather event, a preliminary count of the votes shows that only about 10% of Citi investors supported the proposal. Resolutions at Wells Fargo and Bank of America for a “climate transition plan” for how to reach “net zero emissions by 2050” earned 31% and 28.5%, respectively, against the boards’ recommendations (significant shareholder dissent is generally regarded as at least 20% of shares voted against bank management recommendation); however, the stronger climate resolution at Bank of America calling for a phaseout of fossil fuel expansion projects earned only 7% of shareholder support.

The problem is most individual shareholders don’t vote.

The Shareholder Proxy Voting System is Broken

Problematically, 88% of individual investors don’t vote their shares. Until now corporations have relied on what they’ve called “investor apathy” to explain away a system in which management and institutions wield a disproportionate amount of power. But apathy isn’t the problem; it’s a voting system that is too difficult for most people to participate in.

If you own shares of publicly-traded companies, you may have received shareholder election notices in the mail. You’ve been asked to vote on directors without knowing whether they are going to rubber stamp management’s strategies or advocate for policies more in line with your values. You’ve been given yes/no options on shareholder proposals with minimal explanation and zero context. If you own a diversified portfolio, as most people do, the volume of shareholder information is overwhelming. Although it’s possible to spend the hundreds of hours doing the research and voting proxies, understandably most people don’t do it.

Financial advisors typically assume authority to vote their clients’ shares. But the vast majority of advisors either send these ballots to a proxy advisor such as Institutional Shareholder Services, or simply don’t vote them. Proxy advisors routinely vote against environmental, social, and governance issues. This is happening in the dark, unbeknownst to most investors. The end result is that if you have a financial advisor and are not receiving your shareholder ballots, those shares are likely being voted against your values.

But it doesn’t have to be this way.

Investors: Vote Your Values in Minutes

That’s why Third Act is partnering with iconik, the technology company that built the first personalized, automated proxy voting platform available to investors of all sizes across all brokerage firms. We’ve transformed the shareholder voting process for the convenience of the investor —what once took hours now happens in minutes—as featured in the Business Insider, MarketWatch, Morningstar, University of Pennsylvania Law School, and elsewhere. 

This approach is a little different than other campaign-oriented approaches. The Third Act voting profile is like an umbrella covering every company you own, helping to ensure that your shareholder voting rights are exercised in a manner consistent with your goals, values, and preferences.

You don’t need to be a digital native to use iconik’s secure platform. It’s simple, and it starts with what matters most to you – your values. If you sign up for iconik through ThirdAct, the service is free, and automatically votes your shares to match Third Act’s voting profile.

Third Act’s voting profile supports key initiatives:

• Climate Finance
• Indigenous Rights
• Primary Forests
• Oil and Gas
• Political Activity

How to Participate: Method 1

If you receive shareholder ballots by email, you can have them automatically voted to match the Third Act voting profile by forwarding them to:

proxies+thirdact@iconikapp.com

Using this method, you do not need to first create an iconik account. However, if you would like to be able to add or adjust voting rules, view impact reporting, and exercise more control over your profile, consider Method 2 below.

How to Participate: Method 2

Creating an iconik account allows you to automatically vote your shares to match the Third Act voting profile while giving you full control over the process. It’s free, only takes a few minutes to set up, and we have videos, like the one below, to guide you through the process. The platform is built to be open and transparent, allowing you to adjust automatically-generated votes, if desired. As election results are recorded, iconik will generate a personal impact report, so that you can monitor your impact on the issues that matter to you.

To get started, visit Third Act’s page on iconik:

https://iconikapp.com/third-act

If you’d like to further personalize your voting profile, and delve into other issues—such as animal rights, diversity and equity, executive pay, and many others—you can set up a personalized iconik account for $5.00 a month.

Shareholders Can Make Real Impacts

This is a moment to be a part of real change. It’s not just one more Tweet, but a way to harness our collective power as shareholders to create the future we desire. Third Act is helping to lead the way, forging an alternative capitalism that prioritizes people and the planet over a strict focus on profits. If you own even a single stock, you can join! It’s simple, it’s easy, and it’s empowering.

If you own even a single stock, you can join! Get started on voting your shareholder values today.

About the author:

Alex D. Thaler, Co-Founder & CEO of iconik.

Alex is a startup founder, software engineer, and former corporate attorney. Prior to founding iconik, Alex served as Head of Security, Privacy, and Compliance at AnyRoad, an Andreessen Horowitz-backed startup redefining data-driven insights in the experience economy. Alex received a BA from UC Berkeley and a JD from University of Pennsylvania Law School, and has been named as one of Inicio Ventures’ rising Latinx founders to watch.

Message to the Big Dirty Banks: Stop Financing Climate Destruction

We dove into this work to pressure the Big Banks because we know that older Americans hold a large portion of our nation’s wealth—that the banks might care more about the demands of their longest-standing clients than of younger folks whose lives depend on climate action. And because we want to back up youth who have been fighting for their future, and help grow our movement.

For the 3.21.23 National Day of Action to Stop Dirty Banks, there were 102 registered events in 30 states and Washington, DC, involving thousands of people. These events, large and small, were organized and supported by Third Act Working Groups, with the help of more than 50 national partners, and countless local and regional partners. 

This short video highlights the powerful, diverse, and joyful ways that people shared our messages with the banks through speeches, art, music, street theater, civil disobedience, marches, rallies, sit-ins, and die-ins. Here are highlights of some of the bigger events: the large rally and Rocking Chair Rebellion in front of the nation’s capitol in Washington, DC; especially large marches and rallies in New York City and Boston; chain saws cutting giant credit cards in Alaska, a paper maché Orca eating credit cards in Seattle, Bigfoot ripping up credit cards in Oregon, a multi-generational non-violent direct action and a giant street mural in SF; and events and actions at bank branches and impacted places across the US. Make sure to check out Bill McKibben’s shoutout to all the rock star rocking chair organizers in his Rock on! Substack.

Customers cut up their credit cards to chants of “Cut it out or we will cut it up,” demonstrating their resolve to move their money out of the big banks, if the banks won’t move out of fossil fuel investments. Four videos of Third Actors cutting their credit cards showed some deeply climate-impacted places; Hawaii, the coral reefs off of Florida, and the fire-scarred forests of California. Air, fire, earth and water were used to demonstrate how banks are financing the destruction of the planet through their investments in fossil fuels. People delivered letters and Banking on our Future Pledges to their local bank branches and shared letters with bank staff, asking them to deliver the messages to bank leadership. More than 24,000 people have now taken the Banking on our Future Pledge (you can still sign if you haven’t yet!), and more than 2,500 people sent faxes on March 21 to each of the banks’ CEOs pleading with them to stop investing in climate destruction. 

Big Banks: Are You Listening?

For years, people have been asking these big four banks to transform their business to align with the Paris Climate Accord, but the banks’ leaders are not listening. So, this Day of Action was an exclamation point – but not an end point – in how we are escalating and communicating our message to the banks.

One of the letters faxed to Bank CEOs said “I hang on to the thread of hope that keeps me going. I will not let go. Will one of you hear my voice? …. I am alive and care deeply about all of life. My solitary voice is all I have. So I will keep begging PLEASE, please stop funding fossil fuels!”

At several of the bank branches, including Bank of America and Wells Fargo in California and Chase in Vermont, bank staff literally locked the doors and called the police rather than accept the letters from elderly customers. At the Rocking Chair Rebellion 10 were arrested at a Chase bank branch in Washington, DC on March 22 for singing in the bank’s lobby.

The banks can lock out messengers and not listen to their customers and concerned community members, but we know the banks’ leadership are reading the news. The Day of Action received widespread media coverage, raising the visibility of our campaign to stop investments in fossil fuel expansion. Coverage included the The New York Times, The Guardian – twice, NPR, The Washington Post , The Independent, Democracy Now, Reuters, and more than 50 other newspaper articles, radio stories, TV news stories and podcasts. 

Third Act and our partners and Working Groups had tremendous reach via social media, with posts, videos, actions, photos, and links being shared via #StopDirtyBanks, #32123, and #ActOnClimate (in these links you can see a compilation of posts for those hashtags). One couple posted their first-ever Instagram post showcasing the cutting up of their Bank of America credit card (they were customers for 27 years!) and reciting a poem calling out the banks – “They are the past, the future’s here at last, as green projects sweep across the land. But the banks are full of greed, though they know just what we need. They refuse to lend a helping hand. Stop fossil fuels.”

Our Movement Is Growing

The 3.21.23 Day of Action was the first big in-person climate action since the pandemic and it was great to see people back out in the streets and being led by older Americans. These actions were organized by a fantastic mix of experienced old-timers and older newbies. A 90-year-old elder in Bedford, MA remarked “This was my first protest demonstration. It was wonderful”. What made it so good? “I was doing something important with other people, rather than just getting through the day one way or another.” 

Based on our feedback surveys from event hosts, more than half of respondents said that they had never organized a protest or event like this before. For older Americans, with life and professional experience, often with more financial resources than younger people, and with more time on their hands, Third Act has offered a place to fit in within the wider climate and progressive change movement. We are excited and committed to welcoming new people and growing our movement.

We are thrilled that 53 national partners and numerous local partners collaborated on the Day of Action. Some of them include, Stop the Money Pipeline, Sierra Club, Stand.Earth, Hip Hop Caucus, Climate Hawks Vote, Elders Climate Action and Elders Action Network, Greenpeace, Dayenu, Greenfaith, and Idle No More SF Bay. These groups and many more mobilized their memberships in creative ways. We heard powerful speakers uplift their vision for a clean, healthy, vibrant future and how transforming the banks’ investments into climate solutions can accelerate a just transition. A better future is possible. In fact, Rebecca Solnit, a Third Act Advisor, at the San Francisco event, invited us all to fill the “imagination gap” and that envisioning a better future is necessary as part of our work.

An Exclamation Point, Not an End Point

Our movement’s campaigns to divest from fossil fuels and invest in climate solutions will continue to escalate and build on the energy from the 3.21.23 Day of Action. Our partnerships will deepen and our memberships will grow. 

The most immediate next step is to take action as part of the Shareholder Showdown and work to pass shareholder resolutions on climate change that are pending at the big banks’ Annual General Meetings this April and May. You can sign the Stop the Money Pipeline’s coalition petition asking state treasurers and public pensions funds to vote YES on these pending shareholder resolutions on climate. The petitions will be delivered soon in advance of the AGM votes. 

You can also sign the petition joining with New York Public Advocate Jumaane Williams calling on the Mets to break-up with Citibank over its dirty investments and rename “Citi Stadium” – perhaps back to Shea Stadium? The Mets’ contract with Citi for stadium naming rights comes up in 2028.  

We will continue to communicate with and engage the leadership at the big four banks and escalate our pressure by enlisting commercial clients with a climate conscience to break-up with the dirty banks.

Our clarion call: Fossil Banks? No Thanks! 

About the author:

Vanessa is the President and co-founder of Third Act. She is an activist and administrator, a gardener and a mother. Vanessa began her activist work in the world of food justice at Slow Food USA, SolidarityNYC, and on small farms across the northeast of the United States. Her writing has been published in State of the World: Innovations that Nourish the Planet. For the last decade she’s worked on the climate crisis at 350.org, helping coordinate actions big and small. She lives in upstate New York with her family.

Featured Image photo credit: Brooke Anderson, Movement Photographer

The retirement plan arena is ripe to bring about change and impact for environmental and social responsibility. By retirement plans, we are referring to employer-sponsored plans like 401Ks and 403Bs, where employers offer employees a means of setting aside a portion of their pay and investing these funds – sometimes matched with an employer contribution – in various equities, bonds, and other instruments through an outside asset manager. Depending on what study you refer to and what definition is applied, retirement plans total $32 trillion dollars as of September 30, 2022. This is a large amount of capital that could be invested in projects and program that could make a significant impact in clean energy and healthy communities.

Evaluating Retirement Plan Investments

First things first. Before making changes, you will want to know what the retirement plan is currently invested in. Whether you are the person in charge of the retirement plan as an employer, a member of the plan’s investment committee, or an employee, you have a right to ask about what the plan invests in and question why it is making those types of investments. The next thing to do is be clear on the organization’s values and your own values and priorities.

Against that backdrop, consider using the Fossil Free Funds website to evaluate some of your plan’s investments. Here is an example of an investment that has more than $283 billion in fund assets: The Vanguard Total Stock Market Index Fund. As you can see from the Fossil Free Funds website’s rating for this Vanguard fund, this investment has over $114 billion invested in fossil fuel companies and receives a grade of F. In other words, it is contributing to climate change. Ask yourself how this squares with your organization’s values and your own.

You can dig a little deeper. Scroll 2/3rd of the way down the results’ screen and look at the full report card. Each of the assigned categories/ letter grades can be clicked on for more data. Do these arenas (i.e., private prisons) reflect your or your organization’s values?

Other tools are available too. In addition to the Fossil Free Funds website, you can ask your financial or plan advisor to look at Morningstar ratings on an investment’s sustainability, as well as the read the Fossil Free Fund’s Plan Sponsor Toolkit.

How to Change a Retirement Plan’s Fund Choices

Equipped with information about your plan’s investments, now let’s look at the heart of the matter: how can we change the investment choices in the retirement plan to include options that meet your environmental and social values, such as funds that do not invest in fossil fuels or prisons. 

If you are the owner or sole decision maker over the retirement plan, you can simply tell your retirement plan staff to change the plan investments to fossil fuel free. Timothy shared the example of Re:Vision Architecture, a green architecture and planning firm focused on sustainable buildings, and how the two co-founders instructed the HR person to make the needed investment changes to the retirement plan to align with the firm’s mission and purpose. The changes were accomplished in less than 45 days.

If your organization’s culture is collaborative and one that includes employee input combined with strong leadership, you might look to this example from Health Care Without Harm, a Virginia-based non-profit focused on greening the healthcare industry. This example shows the needs for firm leadership as well as how inspiring it can be to employees to see their organization living its values. Numerous internal discussions were held to make this switch to fossil-fuel-free investments as well as design an investment policy statement that reflected these values

Furthermore, your plan’s financial advisor should help with finding appropriate investments. One short cut is whether your advisor can do all the work. This is known as a 3(38) fiduciary. As a 3(38) fiduciary, your advisor will take full responsibility for researching, choosing, and implementing the needed investment switches. Ask your advisor in what fiduciary capacity they are acting. 

Lastly, your advisor should be able to tell you if your plan is “open architecture” and able to invest in any fund, rather than only in a limited set of fund choices. Open architecture plans can easily add any funds, so you can suggest climate-friendly or other funds that align with your values.

Advocate for Sustainable Retirement Plans

To succeed in changing an employer-sponsored retirement plan will likely require that many employees request more environmentally and socially responsible investment choices. So, build a coalition of like-minded employees and press for change. You can catalyze these changes. Never forget your agency and the power of one. 

Check-out the other webinar recordings, resource guides, blogs, and FAQs in the Responsible Finance Collection.

NOTE: THIRD ACT IS LEGALLY PROHIBITED FROM GIVING INVESTMENT ADVICE AS WE ARE NOT CERTIFIED INVESTMENT ADVISORS. WE HAVE INVITED FINANCIAL PLANNING PROFESSIONALS TO SHARE THEIR EXPERTISE. PLEASE NOTE THAT THIRD ACT DOES NOT HAVE ANY CONTRACTUAL RELATIONSHIPS WITH THE SPEAKERS, AND WE ARE NOT ENDORSING THEIR SERVICES. THESE ARE EDUCATIONAL EVENTS AND RESOURCES WHERE WE ARE SHARING INFORMATION FOR YOU TO IMPLEMENT IN YOUR LIVES IN WAYS THAT FIT WITH YOUR PERSONAL STRATEGIES, RISK TOLERANCE, AND FINANCIAL NEEDS.

About the Author:

Timothy Yee is the Chief Retirement Specialist and Co-Founder of Green Retirement, Inc., a founding B-Corporation and a minority and woman-owned financial advisory firm. Timothy focuses on sustainable, responsible, and fossil-free investment options in corporate and nonprofit retirement plans. He serves as a fiduciary for his clients, among them 350.org and Trillium Asset Management.

Timothy has extensive experience in the financial services industry, having worked as a branch manager and an executive at several banks. Timothy is an Accredited Investment Fiduciary and holds numerous FINRA registrations. He has been quoted in various media including the New York Times, Fiduciary News, and The Fiscal Times.

Timothy hosted the show, What Really Matters!, a weekly financial radio program on KKGN 960AM. He is also an ambassador for the Social Venture Network and B Corporations. Timothy graduated with honors (cum laude) from the University of California at Berkeley, Haas School of Business. Timothy’s latest passion is geocaching. He is having so much fun tracking caches wherever he goes!

We handed out flyers encouraging people to move their money from Wells Fargo. My wife, Sandra, said to me, “Jim, this seems a little hypocritical since we still have our money in Wells Fargo.”

Okay, right. We had to move our money! We discovered that others shared our desire and, like us, just hadn’t gotten around to doing it. We started a “cohort” program of people who wanted to act together to move their money from climate-bad banks.

We developed a weekly Move-Your-Money Zoom session that provided people with the information they needed to get a new credit card and/or checking account. We found that it became an immediate community in which we all enjoyed doing something together that wasn’t so much fun alone. [In 2023, we have re-launched this cohort series, sign-up here.]

The cohort provided support to each of us, and people made commitments, such as, “by next week I will have done _______.” These public commitments made it much more likely that we followed through on them.

Of course, this came back to bite me. One morning I was working to figure out how to get into my checking account so I could change my paycheck direct-deposit away from Wells Fargo. I was confronted with two security questions: 1) Where did you meet your spouse? 2) Who was your favorite teacher? I confidently typed 1) St. Paul, MN and 2) Polly Ames.

I was told that I could not access my account because those were incorrect answers!

This is the point at which I normally would have said, “I don’t have time for this now. I’ll come back to it later.” And likely would not have returned to it. But I kept at it for 45 more minutes until I got it squared away.

Why did I keep at it? Because our cohort was meeting at noon and I had told people last week that I would have this done by today. Everyone cheered my persistence, which felt great!

We developed tools to help make the change: an assessment of services desired from a new bank; a sheet with links to find climate-friendly credit unions and banks; a tracking sheet of actions; sample letters to the CEOs of the four worst climate-bad banks (Chase, Citibank, Wells Fargo and Bank of America), and to the local branch manager.

But perhaps the most valuable thing we offered was a supportive group of people to do this with.

Our personal results were great. We began using a checking account at the Stanford Federal Credit Union (SFCU), which we had access to from my time as a Stanford business student, and which we had previously ignored. We also took out checking and money market accounts at Self Help Federal Credit Union, which we liked because it is so invested in empowering marginalized communities. We now have our regular checking and savings with Self Help and we keep the funds we intend to donate in our Stanford account. We also do our banking for THIS! Is What We Did with SFCU and again, have had good results. We’ve had no problems with ATM access since many credit unions have connected ATMs and we had one right outside the grocery store where we usually shop.

We had our Visa credit card with Chase for 40 or more years. Fortunately, Stanford Federal Credit union also had a Visa credit card, which we got. We switched from getting frequent flier miles to getting cash-back because we don’t intend to fly much any more, since air travel is such a large contributor to climate change. We also don’t intend to make any big purchases (like a home mortgage) in the near future, so we weren‘t concerned if our credit rating took a temporary hit. Nonetheless, our credit rating remained very high.

We’ve had good service and no glitches from our new accounts or new credit card. And we feel so much “cleaner,” in a profound sense, to not be supporting the banks that finance the fossil fuel industry that is destroying humanity’s future on this planet.

The mission of THIS! Is What We Did is to help grow an intergenerational movement strong enough to break the power of the fossil fuel industry and stimulate the effective, drastic action needed to spur climate justice and give future generations a chance for a decent life through:

1. a powerful educational experience
2. a welcoming community
3. easy-access on-ramps to effective action

We found that supposedly easy access actions (like moving your money) can involve multiple steps, and how great it was to do them with a supportive community.

I remember the feeling of satisfaction Sandra and I got from taking this action. It felt so great (and still does)! One person who moved her money posted a photo of herself cutting up her bank card with the caption, “I feel so much integrity after moving my money.” It feels good to align our money with our values!

Last spring, Bill McKibben and THIRD ACT asked people to wait to drop their climate-bad banks until we could do it together to have maximal impact. So, now is the time – as we lead-up to the 3.21.23 National Day of Action to Stop Dirty Banks – to get out of climate-bad banks all together. This is the most effective way we can have collective impact, but for many people, the transition from old to new accounts takes time, energy and support. Third Act and THIS! have many resources to help you find better banks and credit cards (see below).

THIS! is here to help you prepare for the big moment where you’ll get to cut up those credit and debit cards. We stand ready to provide a step-by-step process to support people looking to move their money. Feel free to get in touch and sign-up for a cohort. Third Act and THIS! look forward to sharing many more happy “bank switching” stories…..

A quick note: The volunteers and staff at THIS! and Third Act are not financial advisors and we are legally prohibited from giving financial advice. All resources and discussions are for educational purposes only; all financial decisions are your own. You also will not be asked to share your financial situation with others in the cohort.

About the author:

Jim Thompson (he, him) (Jim “AT” ThisIsWhatWeDid.org )

Jim is the founder of THIS! Is What We Did. 

THIS! helps people move their money from climate-bad banks (especially Chase, Citibank, Wells Fargo & Bank of America) financing the destruction of the planet’s ability to support humanity. THIS! provides training in Effective Climate Conversations and supports people who are committed to helping grow a large and diverse movement. 

Jim founded Positive Coaching Alliance, a national movement to transform youth sports. He co-founded Recovery Café San José, a healing community for individuals traumatized by homelessness, mental illness and drug abuse. He has written nine books including Positive Coaching and Elevating Your Game.   

Jim received an MBA from Stanford where he was Director of the Public Management Program, named as the nation’s top non-profit business management program. 

Jim is an Ashoka Fellow. He has taught coaching, leadership, and sport & spiritually in Stanford University’s Continuing Studies Program and teaches an online spiritual poetry class.

Move Your Money

Responsible Finance Webinar #2: Better Banks & Credit Cards

Banking on our Future Pledge

How to Switch to Better Banks & Credit Cards: FAQs

When it comes to moving your accounts to a better bank, the first question is often “What is a better banking option?” Fortunately, there’s a range of great banks and credit unions to choose from, so you can find one that works for you in terms of both services and values.

Momentum for better banking is building nationally and around the world. One of many resources for finding banks with a commitment to economic, social and environmental sustainability is the Global Alliance for Banking on Values. The Alliance aims to transform banking so that it plays positive roles, especially with respect to the climate crisis.

 At Green America, we promote diverse financial institutions in our banking map so you can find a bank or credit near you – or consider mobile banking wherever you are!  The Green America banking map includes financial institutions with solid social and environmental practices that pass our certification program, which includes avoidance of financing of the fossil fuel industry, clear investment policies, responsible subprime lending policies, and more. 

When thinking about switching, a good place to start is by considering a bank or credit union with a genuine, proven commitment to community development. There is actually a federal certification program, through the Treasury Department, for financial institutions that support economic development in low income and marginalized regions. These are called “community development financial institutions” (CDFIs). The Green America banking map includes all of these federally certified banks and credit unions across the country. Your deposits can make a real difference in economically struggling communities, urban and rural.

Because of complex discriminatory policies that exist within local governance, banking systems, and the finance industry (i.e. redlining, gendered access to wealth, and the criminalization  of queerness),we do not see the reflection of our country’s diverse demographics in this sector that is overwhelmingly cis-gendered, hetronormative, and white man-led. To help change this, consider choosing a “Minority Depository Institution” (MDI). MDIs meet a federal government definition and provide an opportunity to help build broad-based economic opportunity and prosperity. Whatever choice you make – always be certain that your new bank is FDIC-insured or that your new credit union is NCUA-insured.

The Green America map also includes all the members of Inclusiv, a national association of credit unions whose members are also dedicated to providing opportunity for people with low-to-moderate income nationally. Community development credit unions are nonprofit, cooperatively owned, and federally regulated. Banks with a strong commitment to community development can also be found through the Community Development Bankers Association.

To power to change this, consider choosing a “Minority Depository Institution” (MDI). MDIs meet a federal government definition and provide an opportunity to help build broad-based economic opportunity and prosperity.Whatever choice you make – always be certain that your new bank is FDIC-insured or that your new credit union is NCUA-insured.

Building sustainable banking options that are least extractive to local communities is very important and only the first leg of the bank switching effort marathon. It is vitally important to understand the many barriers connected to bank switching, whether they be operational or mental, that continue to make moving your money a heavy lift for the everyday individual. It is also important to know how this process can be a tremendous support for the movement towards building more sustainable communities and generational equity.

We know that taking on the task to shift your money is one that may take time. As you proceed through your bank switching process, Bank for Good offers public access to guides, articles, and resources designed to guide people towards understanding green finance initiatives, with the option to sign up and join a community of people interested in additional resources, support and reminders.

The Bank for Good website offers visitors a myriad of resources that help unpack the importance of banking with institutions that do not invest in fossil fuels or support initiatives that are harmful to building sustainable communities, such as funding private prisons.

Using this wealth of research, Bank for Good created a Better Banks tool that allows you, the user, to select the types of offerings you need from a bank. The tool then sifts through the Bank for Good database to find banks and credit unions that fit your needs and do not harm the environment or our communities. As Bank for Good continues to expand the number of institutions listed, people will be given more values and actions aligned options of where to house their money.

For more information, check out the 10 step guide that Green America has put together to help people plan their bank switch. For the purposes of the Responsible Finance Event #2: Better Banks and Credit Cards, you can keep your focus on Step #1 – the exciting process of identifying the bank or credit union that will allow your deposits or credit card – to work for the kind of world you want!

Green America’s Guide to Socially Responsible Investing & Better Banking provides an overview of options and background information about the importance of you joining our money moving movement! An easy entry point to this movement could be something as simple as just changing your credit card. Since banks process credit card transactions – how about using a credit card linked to a better bank or credit union? You can find a list of credit card options here.

And If you need a little more inspiration, enjoy these short stories from people who have made the switch and want to encourage others – like you!

____________________

About the authors:

Jessy Tolkan is the President and CEO of Drive Agency. With nearly 20 years of campaign and movement experience, her passion and drive for transformative change have taken her around the world and across issue sectors in pursuit of building the necessary power to win. Prior to founding Drive Agency, Jessy served as Partner at PURPOSE and Co-Founder of Purpose Labs, a ground-breaking approach to campaigning and collaborating with philanthropy to drive change. During her tenure at Purpose, she helped expand their global footprint by opening campaign offices in India, Brazil, Eastern Europe, Indonesia, and Kenya. The Purpose Climate Lab, where Jessy remains a Collaborator and Senior Advisor, employs 40staff globally, and has raised and invested over 40 million dollars in climate campaigning infrastructure over the past 6 years. Over the course of her career, Jessy has built and led a series of powerful progressive institutions, including her role as Executive Director of the Energy Action Coalition, as the Co-Executive Director of the Citizen Engagement Laboratory, and as Senior Advisor to the Working Families Party. Jessy has consulted with leading social change organizations in the United States and around the world including: Progressive Change Campaign Committee, GetEqual, HeadCount, 1sky, 350.org, Groundswell, Web of Change, and Wellstone Action, The Women’s Forum for the Economy and Society, and Global Witness. She’s been featured in Time Magazine, Glamour Magazine, The New York Times, Hard Ball with Chris Matthews, and Vanity Fair Magazine. Rolling Stone Magazine named her one of the 100 agents of change in America.  Jessy Tolkan received her B.A. from the University of Wisconsin-Madison in Political Science.

Fran Teplitz serves as the Executive Co-Director of Green America, focusing on Green America’s programs in green business, socially and environmentally responsible banking and investing, and public policy. Green America is a nonprofit membership-based organization in Washington, DC that involves consumers, businesses, and investors in economic strategies to advance positive social and environmental change. Fran joined the organization in 2000. Fran’s roles include serving as the Director of Green America’s Green Business Network® and Director of the Responsible Finance Program. Her work on impact investing includes community investing and banking, shareholder action, and fossil fuel divestment. She also manages Green America’s role in coalitions related to sustainable business and economics, climate change, and other policy issues. Fran worked with Peace Action and the Peace Action Education Fund for seven years before joining Green America. Prior to Peace Action, she worked on U.S. policy toward Central America.  She holds a Master’s Degree from the Institute for International Peace Studies at the University of Notre Dame and earned her undergraduate degree from Washington University in St. Louis in Political Science.