public banking

City & State NY Opinion – Last month, New York’s Climate Action Council voted to approve a framework for meeting goals mandated in the state’s landmark 2019 Climate Leadership and Community Protection Act. The plan recommends ambitious policy changes to reduce greenhouse gas emissions by 40% in the next seven years and 85% by 2050. Now, it’s up to Gov. Hochul, the Legislature, and state agencies to implement the plan. 

Yes! — With $10 trillion in assets at their collective disposal, big banks like Chase and Wells Fargo could do a lot of good. Yet, despite being “too big to fail,” these banks fail people every day. Whether it’s the persistent use of predatory practices, their enduring discrimination, or their insistent investment in exploitative and extractive industries, these formidable financial institutions have a corrosive influence on our country.

As this year’s corporate-sponsored “Climate Week NYC” sputters on, New Economy Project and the Public Bank NYC coalition released an analysis estimating that NYC’s financial investments and cash deposits in big banks generate 757 kilotons of greenhouse gas emissions (GHG)* annually. This previously unreported figure would represent the second largest source of GHG emissions by sector in city government, if accounted for in the City’s GHG inventory, according to the analysis.