DECOLONIZING YOUR NEWSFEED
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When I moved to New York in 2002, I gave zero thought as to what bank I joined. I selected Chase because it was the closest walk from my downtown Brooklyn loft. And although I've moved away from the city some five years ago, I
still hold my accounts there.
It used to be that banking with Chase was a hassle whenever I left the Eastern seaboard; so few branches exist when journeying out West and to towns bordering reservations like Standing Rock. But it was when I started reporting from the anti-pipeline demonstrations, there, that I became aware of just how problematic my bank was - and for entirely all the reasons for why Water Protectors were
being shot at with rubber bullets and being arrested en masse.
I made excuses back then that I was too consumed with my embedded field reporting at the time to do anything about it - which is largely true. But I'm ashamed that once the camps were razed and my life resumed to some kind of normalcy, I went back to Brooklyn and brushed up on my banking with Chase without much thought or care.
To be sure, JPMorgan Chase is the worst bank in the world for financing fossil fuels according to the Banking on Climate Chaos report, a work of climate math from a global alliance of nonprofit organizations. From their findings, my bank contributed $51.3 billion in fossil fuel financing last year alone, and a total of $317 billion from 2016 to 2020
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I've been part of the problem in that same timeframe, but I've decided to do something about it, largely prompted by someone I adored watching run for California State Senate last year: Jackie Fielder.
I think what got me was her campaign video. It's filled with so much compassion, it might bring tears to your eyes.
Jackie (who turns 27 this weekend) lost her race, but her core causes continue to be at heart of her advocacy work including decolonizing San Francisco's housing market, and yes - divesting from big banks backing Big Oil.
That's what led her to reach out to Indigenously. Among the many things keeping her busy, these days, Fielder helps manage public relations for Stop the Money Pipeline, an effort by some 160 organizations to hold banks and insurance companies accountable for the fossil fuel projects that they support.
When we spoke, Climate Week NYC was just kicking off and among its primary sponsors was Bank of America. This frustrated Fielder. “They are one of the largest backers of fossil fuels,” she said.
Hypocrisy is all abound, notwithstanding “climate president” Joe Biden’s inaction involving the Enbridge Line 3 pipeline which started flowing oil
Friday.
A fed-up Fielder is now working to convince consumers like me (and maybe you) to take the first steps in joining a divestment movement with roots pre-dating Standing Rock.
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INTERVIEW
Calling out the Banks that Back Big Oil
Discussing Divestment with Indigenous Organizer, Jackie Fielder
October 2, 2021
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Please read my interview with Jackie where we critique the media's handling of divestment, discuss crash theory of fossil fuel financing, and confront the conflicts of her climate activism against the oil-producing wealth of her Indigenous
homelands on the Mandan, Hidatsa and Arikara Nation.
Between this newsletter, including the Index, and the interview with Jackie, there are loads of links to explore. But I'm also leaving you with two essentials, here:
I'm actually making my way back to NYC next week and plan to divest from Chase when I'm there. I know I can just as easily do it online, but it somehow seems more profound to make it a formal affair. I'll be sure to let you know how it goes in next week's newsletter.
Until then, enjoy the weekend,
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Total amount of fossil fuel funds from the global banking industry, 2016-2020: $3.8tn
Exact number of the world's commercial and investment banks involved: 60
Total amount financed by the top four funders - all U.S. banks: $976bn
Approximate percentage of total US bank funds from the world's 60 biggest banks: 25%
Total fossil fuel financing from Morgan Stanley, a "Dirty Dozen" bank and lead sponsor of the New York Times Climate Hub: $111bn
Estimated amount in global equities linked to high-emitting sectors of the economy: $18trn
Total in bonds: $8trn
In unlisted debt: $30trn
Estimated percentage of US commercial loans at risk due to climate-related events: 10%
Amount Donziger won against Chevron in an Ecuadorian court in 2011: $9.5bn
Approximate number of organizations affiliated with the Stop the Pipeline movement: 160
Total days behind a letter-campaign to Big Bank CEOs about financing fossil fuels: 15
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Sign-On to an Open Letter to Your Bank's CEOs
An old-school journalist, it's rare for me to take to the streets in protest. If I'm an "activist" at all, it's in defense of press freedom. But just as I've made lifestyle changes over the years, such as choosing a bike over a car, divesting from those that are financing fossil fuel
projects seems like an obvious climate solution. As I said up above, I'm actually embarrassed it's taken me this long to take action.
This week, Stop the Money Pipeline launched an open letter campaign for consumers like me to begin taking the first step towards divestment - letting CEOs of some of the biggest banks backing Big Oil know that their actions do not align
with today's climate emergency.
With the urgent talks at COP26, Glasgow about a month away, consider taking action with a lot of other consumers decolonizing our banking.
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“Heard about Indigenously on NPR. Thank you!!”
Katja, Long Beach, CA
If you haven't noticed, Indigenously has a sub-par social media game and our self-promotion sucks. It's intentional, though, as we slow-grow this community with care and intention.
That's why it's awesome learning that Katja heard about us on the radio. Thanks for sharing.
How did you find out about Indigenously? A friend, a blurb, a random tweet? Email me if you want. I'd love to know.
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| So many of you were so kind to contribute to my "coffee fund" last week. Your gifts help support my gift to you - this newsletter. Dawaa'e,
friends.
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Hope you like what you're reading.
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Correction: In last week's newsletter, we wrote that 77% of today's newsrooms were white and male, according to the Pew Research Center. The figure is 76% white and 61% male.
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