“Giving Tuesday” aims to counter the consumerism of Black Friday and Cyber Monday, but it can feel overwhelming with nonprofits vying for your donations. Environmental groups participate out of necessity, but the pressure to give can be exhausting. How do you choose where to donate without breaking the bank?
Guides exist to help navigate this challenge, often relying on data from nonprofits that evaluate others. Some organizations follow "effective altruism" principles, seeking the most greenhouse gas reductions per dollar. However, there's another way to optimize your impact if you have limited means but a strong desire to help.
**Switching Banks: An Alternative Strategy**
Instead of focusing solely on where to donate, consider where you bank. Many major banks finance fossil fuels. The Banking On Climate Chaos Report identifies JPMorgan, Bank of America, Wells Fargo, and Citigroup as top financiers. By switching to a local credit union or a bank with better environmental practices, you can extend your impact beyond a once-a-year donation.
Switching banks might seem daunting, but it can be manageable with the right guidance. Pearl Marvell's article for Yale Climate Connections offers practical tips and tools for making the switch. While this newsletter doesn't provide financial advice, switching banks can be a practical alternative to stretching an already tight budget.
**The Impact of Switching Banks**
Removing your money from a bank that finances fossil fuels can have a more significant impact than a single annual donation. Psychologically, the process wasn't as disruptive as feared, and the benefits—better interest rates and easier banking—made it worthwhile.
**Good News/Bad News**
- **Good News:** New technologies are being developed to make copper extraction less environmentally destructive, which is crucial for electrifying and decarbonizing.
- **Bad News:** Formaldehyde pollution from home furnishings is a severe problem, and the EPA has failed to address it adequately.
**Stat of the Week**
$334 million from the EPA’s Environmental Justice Thriving Communities Grantmaking Program remains unallocated, leaving it vulnerable to reversal efforts.
**What I’m Reading**
In a new piece for Jacobin, historian Kevin Young argues that the fight for the climate isn't over. He highlights environmental victories during Trump's first term and emphasizes the role of local activism and sustained pressure on capitalists and state elites.
By focusing on practical steps like switching banks and understanding the impact of local activism, you can make a meaningful difference in the fight against climate change.