New York environmentalists are protesting banks heavily invested in the fossil fuel industry as part of a national day of action today (Tuesday). Led by the group Third Act, protests across the U.S. will consist of rallies, art installations, and activists cutting up credit cards. According to the Rainforest Action Network's 2022 Fossil Fuel Finance report, the world's 60 largest banks invested over $4.5-trillion in fossil fuels since the Paris Climate Agreement was adopted in 2016.

Vanessa Arcara, president and co-founder of Third Act, said banks like JP Morgan Chase, Citi, Wells Fargo, and Bank of America are some of the biggest offenders in the U.S.

"These four banks alone have provided well over one trillion dollars in lending and underwriting to the fossil fuel companies that build things like new coal plants, fracking wells, gas export terminals, and more," she said.

Arcara said one person at a time closing their accounts with these banks will not force them into bankruptcy, but hopes these protests shine a light on what these banks are doing. Since 2017, several so-called "green banks, including one in New York, have opened. They are dedicated to investing in myriad environmentally friendly and positive climate change projects.

Some banks have made commitments to turn over a new leaf on investing in green projects. In its 2022 Climate Report, JP Morgan Chase aims to finance over $2.5 trillion dollars in sustainable development, with over $106-billion of green activities financed. Yet, according to Third Act, the company has been playing both sides of the environmental game. Arcara noted people need to pay attention to where banks are putting their money to use.

"A lot of these banks have signed on to the various councils, saying publicly that they're in support of climate targets. But that certainly doesn't bear out when you look at the numbers and the types of investment strategies that they continue to pursue," she said.

Along with the large investment made in green projects, JP Morgan Chase, along with Citi, provided the most financing to offshore oil and gas in 2021, according to the Rainforest Action Network report. In total, big banks funneled about $53-billion into that industry.


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Local groups in the Imperial Valley are working to make sure the coming boom in lithium extraction will benefit the community, as well as the investors.

The southern edge of the Salton Sea is considered one of the most economically distressed regions in California, yet it may contain enough lithium to supply batteries for 400 million electric vehicles.

Manuel Pastor, P.hD, is the director of the Equity Research Institute at the University of Southern California Dornsife College of Letters, Arts, and Sciences.

He has co-authored a book on the subject - calling for justice and democracy in the quest for clean energy.

"If we can get it right, it's emblematic of the clean energy transition and its possibilities of being a just transition," said Pastor, "that delivers true benefits for communities that have too long been left behind and kept behind."

A company called Controlled Thermal Resources plans to open a new geothermal plant in 2025 or 2026 to extract lithium from salty brine and reinject the brine into the ground.

This is considered "greener" than methods used elsewhere, such as hard rock mining or evaporation ponds.

The environmental group Comite Civico del Valle has sued to slow down the permitting process. Members are worried about potential toxic leaks, tainted water, and air pollution from truck traffic.

Two years ago, the state approved a tax on lithium production. Pastor noted that those funds could make a huge difference in a community.

"Eighty percent of that needs to come back directly to the places where lithium is extracted," said Pastor. "Twenty percent can be used for more general purposes, including the recuperation of the Salton Sea - which has long been a desire of people who live there, but there's never been sufficient state resources to do it."

There are 11 geothermal plants in the area that could be converted to extract lithium. Local leaders are also hoping to attract battery manufacturers to the region.

Duke Energy is facing criticism over its proposed rate hikes of up to 16%, while delaying the retirement of its coal-fired power plants in Indiana.

The energy company, which recorded a profit of $497 million in the state in 2023, is now seeking approval for the increase, citing rising operational costs.

Robyn Skuya-Boss, director of the Hoosier Chapter of the Sierra Club, questioned the necessity of the rate hike, especially given the company's recent profits.

"That is money that is coming out of customers' pockets," Skuya-Boss pointed out. "We are really questioning, why does Duke need a rate increase now?"

Duke Energy has defended its decision, explaining the rate increase is needed to maintain and upgrade its infrastructure, as well as cover the costs of transitioning to cleaner energy sources. The company has also pointed to inflation and other economic factors driving up operational expenses.

However, the delayed closure of the coal plants has sparked further criticism from environmentalists. Skuya-Boss argued keeping the plants operational contradicts Duke's pledges to reduce carbon emissions and transition to renewable energy.

"That's an expensive choice for them to be making for customers," Skuya-Boss emphasized. "Our contention is really to see Duke Energy make the decision this year to invest in that clean energy transition."

Regulators are reviewing the requested rate increase, with the outcome potentially affecting costs for thousands of Duke Energy customers in Indiana. Both sides are making their case to the Indiana Utility Regulatory Commission, with ratepayers and advocacy groups urging the commission to carefully consider the financial implications before approving any increase.


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Michigan's most vulnerable communities are receiving federal funding to fight the devastating effects of climate change. It's part of the $27 billion Greenhouse Gas Reduction Fund. This spring, Michigan was awarded $156 million to use as grants, which is the largest initiative of its kind in history. The goal is to strengthen the nation's economic competitiveness and advance energy independence, while at the same time reducing energy costs in historically underserved communities.

Shalanda H. Baker, the University of Michigan's first Vice Provost for Sustainability and Climate Action, pointed out the disparities in communities of color that this funding is poised to address.

"Over half of Black households in America experience energy insecurity, and around 47% of Latinx households experiences energy insecurity. We also know that there are many Native American households that simply lack access to electricity altogether," she said.

The program is expected to create new jobs in clean energy, strongly focusing on building an inclusive workforce in disadvantaged areas. Communities like Southwest Detroit, known for facing environmental challenges, is expected to benefit from the grant.

The funding also boosts the "MI Solar for All" program, which aims to provide affordable solar energy solutions to low-income communities across the state. Baker said these are the places where households are more likely to live in the shadows of fossil fuel production facilities - so they're also more likely to have the health impacts related to living in that environment. She added the Greenhouse Gas Reduction Fund should help change that.

"This program is really designed to bring more access to clean energy to those communities, and just bring more clean energy on the grid, to overall clean up," she explained.

The program is expected to reduce energy bills by about 20% for eligible Michiganders, and support the state's goal of achieving 100% clean energy by 2040.


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