A coalition of nearly 50 organizations has joined forces to pressure L.L. Bean to cut ties with its banking partner that finances oil and gas projects, Maine Public reported.
What started as one person holding a sign outside L.L. Bean's Freeport headquarters has become a nationwide movement over almost two years.
Third Act Maine now leads protests with over two dozen people, and its campaign has spread nationwide. The group wants L.L. Bean to either ask Citibank to stop financing oil and gas projects or find a new bank.
Many companies are moving away from oil and gas toward cleaner options, and investments in old energy companies have become money losers. Clean energy companies are doing much better, making them smarter choices for people who want their money to grow over time.
If L.L. Bean switches banks, it could help the planet right away. The company would shrink its carbon footprint and join competitors like Patagonia, which promised to ditch oil and gas and reach net zero. When companies care about the planet, customers tend to stick with them and feel good about their purchases.
Ditching oil and gas investments makes more financial sense now than ever. Sure, there are ups and downs, but clean economy investments keep getting stronger thanks to new policies and better technology. Companies that make these changes early often do better at attracting customers and workers who care about the environment.
Tom Mikulka of Cape Elizabeth, one of the campaign organizers, said L.L. Bean's motto, "the outside is inside everything we do," means the company should address environmental problems.
"We've learned that banking is not carbon neutral," Mikulka said. "Until they change banks, their carbon footprint is probably doubled more than all their trucking and everything else."
Only time will tell whether L.L. Bean will align its banking choices with its outdoor values.
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