Customers and activists telling Oily Wells that his bank could be the first major U.S. bank to stop funding fossil fuels and related climate disaster.
December 10-14, 2018
350 Silicon Valley’s Formal Launch of “The Secret of Oily Wells” Public Awareness Program
As the first major direct action program of its CLimate Emergency Action Network (CLEAN) campaign, 350 Silicon Valley is launching the first public facing actions of its Oily Wells program during the week of December 10-14, 2018. The group is delivering a letter to Wells Fargo CEO Tim Sloan demanding a rapid phase out of the bank’s significant financial support for the fossil fuel industry. Specifically, the letter seeks a cessation of the bank’s ongoing loans to Enbridge, would-be developer of the $7.9B Line 3 pipeline from Alberta to the Great Lakes, which if built would result in the dumping of 152,000 tons of CO2 into the atmosphere daily..
Throughout the week, a group of customers and activists will stage nonviolent protests at nine Wells Fargo branches from Menlo Park to San Jose. The group will deliver copies of their demand letter to branch managers for furthering to CEO Sloan and Wells’ Silicon Valley Regional President Max Seetho.
The letter delivery and branch visits are the first phase of a campaign to apply public pressure on Oily Wells to be the first U.S.-based money center bank to shun the fossil fuel industry, as several large European banks have vowed to do, including BNP Paribas (owner of San Francisco-based Bank of the West) and HSBC Bank.
In a press release issued December 10, Nicole Kemeny, 350 Silicon Valley’s president, said “We want anyone doing business with Oily Wells to be fully aware of its leading role in funding the climate crisis. And we’re continuing the work of other advocacy groups like the Sierra Club, Honor the Earth, and 350 Minnesota to try to persuade the bank to do the right thing.”