Everybody in the Pool E82: Topofinance: How banking is the secret to gigantic climate action
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Mar 27, 2025 In this engaging discussion, Paul Moinester, founder of Topo Finance, reveals the shocking climate impact of traditional banking, where a mere $10,000 can emit as much CO2 as driving 10,000 miles. He emphasizes how corporations' banking emissions can dwarf their operational ones and advocates for switching to climate-friendly banks. Moinester introduces innovative solutions that combine profitability with sustainability, encouraging listeners to consider their financial choices as a form of climate action. Tune in for actionable insights!
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Banking's Hidden Climate Impact
- Bank deposits don't just sit idle; banks lend them, creating a large emissions footprint.
- This lending's climate impact has been historically overlooked due to lack of transparency.
How Lending Fuels Emissions
- Banks lend deposits to various sectors, including carbon-intensive ones like energy and manufacturing.
- This lending to fossil fuel industries significantly contributes to banks' overall emissions.
$10,000 and 10,000 Miles
- $10,000 in a major bank generates emissions comparable to driving 10,000 miles annually.
- Shifting $5,000 to a greener bank has a greater annual emissions reduction than going vegan.