SF Rally Targets “OilyWells” Fargo’s Funding Of Big Oil

Alarmed by Climate Crisis, Hundreds Expected as Multi-Day March Ends

March For Fossil Fuel Freedom cut off the flow

San Francisco, CA – At a mass rally in front of Wells Fargo Bank’s global headquarters at noon (PDT) today, demonstrators will call on Big Oil’s largest lender to halt its financing of fossil fuels and invest instead in clean energy solutions to the climate crisis.

Know more about Russia than your friends:

Get our free ebook on how the Soviet Union became Putin's Russia.

Q4 hedge fund letters, conference, scoops etc

Facebook livestream: https://www.facebook.com/350SiliconValley/

The rally aims to expose another aspect of the scandal-plagued bank’s unethical practices-its central role in the ever-expanding oil and gas industry—at a time when the U.N. has called for “rapid and far reaching” action within 12 years to avert environmental, social and economic catastrophe caused by ever-rising carbon emissions.

The rally caps the historic 3-day March for Fossil Fuel Freedom (34 miles from Palo Alto to SF) with hundreds of marchers from more than 50 Bay Area grassroots organizations. Marchers paused at a series of “stagecoach stops” to hear talks by former Richmond Mayor Gayle McLaughlin, Redwood City Mayor Ian Bain, and other prominent environmental and labor activists; and to sing along with The Raging Grannies and Thrive Street Choir. The march and associated events are all part of a campaign, led by 350 Silicon Valley, to rename the nation’s fourth largest bank "Oily Wells."

"Oily Wells has a dirty-energy secret, backing the biggest new projects and profiting handsomely from climate chaos" says Stew Plock, vice president of 350 Silicon Valley, lead organizer of the rally. “If they don’t quit, then consumers and investors should quit them.”

The bank is a leading lender to the fracking industry and on pipelines carrying Canadian tar sands, one of the most environmentally damaging sources of fuel (including the proposed Line 3 in Minnesota and Keystone XL in the Midwest). [EDITOR’S NOTE: For more on Wells Fargo's dirty-energy funding, see the 10th annual Fossil Fuel Finance Report Card, led by Rainforest Action Network, embargoed until March 20.]

“We urge Oily Wells to become the first major U.S. bank to avoid all fossil fuel infrastructure projects, as a few big European banks have already begun to do,” says Isabella Zizi, an organizer with Idle No More SF Bay. “If you cut off the flow of money, you can cut off the flow of oil. That’s why the divestment movement is so important.”

350 Silicon Valley’s partners include SEIU 1021 and 521, Sierra Club, Idle No More SF Bay, Rainforest Action Network, Sunrise Movement, California Interfaith Power & Light, Sunflower Alliance, and Extinction Rebellion. They join hundreds of other groups in calling for divestment from fossil fuels, and a prohibition on oil and gas infrastructure.

###

For complete details, visit https://oilywells.com/.




About the Author

Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and four kids in Passaic NJ. - Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. I also own a few grams of Gold and Silver