Protest At Vanguard Ends Weeklong Walk On Earth Day

TREDYFFRIN TWP, PA — Holding a banner saying “Vanguard Invests in Climate Destruction,” more than 100 people staged a protest today outside Vanguard’s headquarters here to encourage the investment firm to stop investing in fossil fuel companies.

The protest was the culmination of a weeklong “Climate Problem Walk” spearheaded by
Earth Quaker Action Team, a non-profit based in Philadelphia.

The group walked five miles a day for a total of 40 miles, stopping at businesses to advocate for clean energy.

“This is a beautiful large group and a meaningful way to spend Earth Day,” said Eve Gutman, 29, of Philadelphia, as the group was singing, “We Rise.”

“The urgency of climate change calls for Vanguard to make changes,” Gutman said.

The protestors, including many who have money invested in Vanguard, said that they hope that Vanguard will invest in climate-friendly businesses.

The group brought a large blow-up of Tim Buckley, Vanguard CEO, steering a ship, hoping to convince the company to steer away from fossil fuel investments.

Participants also included Chester Residents Concerned for Quality Living, Exodus Alliance, Eastwick Friends and Neighbors Coalition, Dayenu and PA Interfaith Power and Light.

Vanguard reacts

“Vanguard considers climate change to be a fundamental risk to many companies and their shareholders’ long-term financial success,” Vanguard spokeswoman Alyssa Thornton said.

“We are addressing this important risk by engaging with the companies held in our funds on their climate risk oversight, mitigation, and disclosures; through thoughtful investment products that help investors manage certain climate-related risks and opportunities; and, through engagement with policymakers, industry regulators, and aligned organizations,” Thornton said.

Vanguard has asked the Securities Exchange Commission to enhance the climate risk disclosures of public companies.

Vanguard has a report on its website about the company’s approach to climate change.

Week of activities

Eileen Flanagan, campaign director for Earth Quaker Action Team, said 190 people participated in the five-day walk that included stops at Corvanta Incinerator, Chester; John Heinz Wildlife Refuge, Tinicum Township, and Chase Bank, Wayne.

At the bank, the group spoke about the symbols of Passover and how they related to current times. They said Chase Bank and Vanguard can be compared to the “climate pharaohs.”

The group also made a stop at Buckley's home to drop off flowers and a letter addressing their concerns.

“Fossil fuels are not a good investment in our future,” Flanagan said.

Linnea Bond, media coordinator, said the group is hoping for a strong commitment from Vanguard to stop investing in companies that are polluting the environment.