“Big Oil’s continued existence is the single biggest threat to our climate, and it’s long past time to end giveaways of public money to fossil fuel companies once and for all,” said Rees.
The Stop the Money Pipeline Coalition welcomes Biden’s Executive Order as an important step for the climate finance movement and urges the administration to deliver strong reports and action plans ahead of the COP26 climate talks in Glasgow.
“President Biden’s executive order is a welcome change from past failures to regulate the financial industry, but the Biden administration must make it crystal-clear that ‘net zero’ means no more fossil fuel expansion and no false solutions,” said Rees.
National organizations are demanding President Joe Biden appoint a strong climate leader as Federal Reserve Chair who will implement policies and rules at the scale needed to address the climate crisis.
“California is the highest-producing jurisdiction in the world so far to commit to a phase-out of oil extraction, and other major producers need to join the state in committing to move beyond oil and gas,” said Collin Rees of Oil Change International.
“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”
Last week, the #BuildBackFossilFree coalition held a week of action across the country escalating the demand for President Joe Biden to be a real Climate President and directly confront environmental racism and fossil fuel companies fueling the climate crisis.
Nearly 150 organizations sent a letter urging Special Presidential Envoy for Climate John Kerry to use his powers to end the flow of finance from Wall Street to the industries driving climate change.
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
“We urge you and all federal leadership to stand firm against the Line 3 pipeline and act now to halt its construction. The pipeline’s construction is an urgent threat to the waters of Minnesota and Lake Superior, as well as to our global climate,” said the groups to Biden.