Santa Cruz group joins nationwide protests over Wells Fargo oil investments

Santa Cruz Climate Action Network joined organizations across the country today to call for banks to stop investing in oil companies.

The group started their protest at the Santa Cruz Farmer’s Market, where they held a bell toll and die-in to symbolize the destruction they say oil companies cause.

Then they marched to Wells Fargo on River Street where they held another demonstration.

Pauline Seales with the Santa Cruz Climate Action Network said Wells Fargo and Chase Bank are directly contributing to climate change. “They’ve actually been increasing their (oil) investments ever since the Paris agreement, at which point all of the countries in the world, more or less, agreed that there was a real problem that needed to be addressed and they’re just grossly profiteering. We want people to take their money out and we’re also promoting public banking which is coming in the future.”

Seales said they hope the protests Wednesday bring more awareness to the issue of climate change.

Wells Fargo sent a statement to KION that said “Wells Fargo has committed $200 billion in financing through 2030 to businesses and projects that support the transition to a low-carbon economy. The transition is a journey, during which we will continue to honor our broader commitment to responsibly finance the development of all forms of energy in order to help meet the growing U.S. demand for transportation fuels, medical equipment and devices, and other critical needs.”

They added that the bank has invested nearly $83 billion in clean technology and other environmentally sustainable businesses. Also, “in 2017, eight percent of all solar photovoltaic and wind energy generated in the U.S. came from facilities owned in whole or in part by Wells Fargo.”

Seales said she tries to stay positive that change will come in the future. “Almost every day I see more consciousness and awareness and young people getting involved, so that makes me hopeful.”