Divestment

Divestment campaigns about these days, encouraging people to choose a bank that does not invest in fossil fuel projects and most recently superannuation that doesn’t invest its members funds in fossil fuels. We are in the process of changing banks and looking into other forms of divestment too. ๐Ÿ™‚ In the long-term I am not sure what difference it will make but I feel that it’s the ethical thing to do for our family. It doesn’t resonate right to do our best to live a sustainable life but then benefit from fossil fuel expansion in other ways.

This article in The Age (one of Australia’s top newspapers) shows that divestment is hitting the mainstream and for that I am grateful. Even if divesting is not the answer to the problem (although I believeย it is a part of the overall answer) I’m glad of it as it’s getting it out to the public that there IS a problem. The way we are living cannot and will not be able to continue but until people see it, things can’t change.

Time to get off this ship

Have a read and have a look into divesting from companies supporting continued and new fossil fuel projects. It might not make a large impact but it will at least let large companies know that there are people who care deeply as to where their money is being spent. Maybe if enough people let them know they might begin to listen.

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8 thoughts on “Divestment

  1. Jo says:

    Hi Jessie, I’d love to know what resources you are using to decide where to redirect your bank accounts and superannuation?

  2. narf77 says:

    Sort of like we all did in Tassie when the ANZ supported the Pulp Mill and were going to fund it and everyone abandoned them in their droves and encouraged all of their friends, family and interstate friends and family to do the same thing. It certainly made them sit up and take notice of their social responsibilities.

  3. Leigh says:

    Wow, I’d never even heard of this. Of course, we have no money to invest, LOL, so we don’t follow bank news. I wonder if this has hit the US yet. It would be great if it had.

  4. Chris says:

    Are you looking into credit unions, or is it another bank you’re going with? I’ve been toying with moving to a local credit union for years, but it bothers me they want to change members fees.

    The justification is they say its used to give customers lower price products, yet I haven’t found them to be too competitive. Still, I haven’t written them off because I do believe in supporting competition in the banking sector.

    • I bank with Bendigo Bank now for several reasons. They don’t support fossil fuels, there is a local branch in town and only 1 of the big banks has a presence in town and Bendigo do give a lot to local community. They are costlier in terms of fees and the interest returns seem to be lower too but given that much of that does seem to end up being invested in local community, I can deal with that. I’m not naive though and I know much of that fee profit will end up in investor pockets but even so. I also like the fact that the staff at our local branch actually know us. Small town community and all that I guess. I’ve also had 2 times when the account has become overdrawn. The first time I received a letter after the fact to say they had balanced the account using funds from my 2nd account (thanks guys, it’s what I would have done) and the second time they rang to let me know so I could sort it out. If that had happened with my old bank I would have received a charge and no alert until far too late. Never have they balanced the amount from another account! They saved me a lot in charges and I’m most appreciative. ๐Ÿ™‚

      • Chris says:

        Actually, now that I think of it, it’s not a credit union, but very much like Bendigo Bank. It’s called the Heritage Bank and a local entity too.

        We actually received a letter from them after our local branch closed down, when the convenience store it was located at, changed hands. They let us know they were looking for a new location in the same area. Then we got another letter a little later, when they decided to open a branch at the local newsagency.

        It was weird to get those kinds of letters, because the big banks we do most of our business with, just close down ATM’s and branches without sending personal letters out. So in that way, their service is a lot better.

        We have one free account with them because its online only.

        Glad your new bank is working out for you. Its good to support local, especially if they’re supporting the things which save money.

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