Banks: The Less Visible Actors In The Fossil Fuel Industry

Roishetta Ozane calls attention to the less visible actors in the fossil fuel industry: banks. Ozane explains that big U.S. banks, like Morgan Stanley, are bolstering the fracked gas industry. The oil and gas industries promised to bring economic prosperity to the Gulf; instead, they have caused financial instability and increased the severity and occurrence of climate disasters like hurricanes and flooding. Local communities are paying the price. One report indicates that the proposed Plaquemines LNG facility project in Louisiana will be destroyed by inevitable storm surges. Ozane claims the banks are financing ‘sacrifice zones’ by prioritizing short term profits over the real-life impacts on local communities and the planet. These investments are financing future disasters and as the climate crisis worsens, Ozane urges banks to instead finance the transition to clean energy. Photo credit: not included