As the world faces pressing environmental challenges, it is imperative that governments have the financial resources to invest in and promote green technologies. By establishing a network of public banks, California can follow in the footsteps of Germany and leverage the lending power of these institutions to build a sustainable future for businesses, homeowners, and renters. Not only will these banks provide crucial funding for projects such as strengthening infrastructure to better withstand natural disasters, but they will also prioritize a triple bottom line philosophy that prioritizes the needs of both depositors and the community, while also protecting the planet. With a lending capacity of up to ten dollars for every dollar of capital, a Los Angeles public bank can begin making loans as soon as it opens its doors. By carefully selecting its charter, directors, and management with this philosophy in mind, a public bank can be a powerful force for positive change in the state.
CALIFORNIA PUBLIC BANKS WILL DIVEST FROM FOSSIL FUELS
While Wall Street banks continue to pour billions of dollars into the financing of fossil fuels and other harmful technologies, a Los Angeles public bank can redirect these funds towards investments that align with our values and support a healthy planet. By choosing to invest in clean energy, regenerative projects, and climate-conscious infrastructure, the LA public bank can help to drive the transition to a more sustainable future. This not only aligns with the values of many Angelenos, but it also has the potential to generate significant economic benefits, such as job creation and economic stimulus.
CALIFORNIA PUBLIC BANKS SUPPORT THE GREEN NEW DEAL
A Los Angeles public bank will have the power to lead the way toward a more sustainable and equitable future by investing in projects that prioritize the well-being of both people and the planet by financing a just transition to help mitigate the effects of climate change. In addition to providing financing for these types of projects, public banks can also play a role in shaping the policies and regulations that govern these initiatives.
By working with local governments and community organizations, public banks can help to ensure that local Green New Deals are designed in a way that is fair, inclusive, and effective. This can include developing programs and policies that support the deployment of clean technologies and practices, as well as working to ensure that the benefits of these initiatives are widely shared. By providing financing and policy support for local Green New Deals, public banks can play a vital role in driving the transition to a more sustainable future at the local level.
CALIFORNIA PUBLIC BANKS CREATE A NEW PARADIGM FOR ADDRESSING CLIMATE CRISIS
As Los Angeles, the United States, and the world grapple with the unprecedented challenges of climate change, local public banks have the potential to play a vital role in driving the necessary changes to mitigate these challenges. These innovative institutions can serve as anchors for the transition to a more sustainable future, providing the financing and policy support needed to effectively address the current and future impacts of climate chaos. To truly address the complex and multifaceted challenges posed by global climate change, it is essential that we adopt a new paradigm that prioritizes sustainability, equity, and resilience. Local public banks can help to lead the way towards this new paradigm, supporting the deployment of clean technologies and practices, and working to ensure that the benefits of these initiatives are widely shared.