In a letter to the Federal Reserve, 69 organizations called on the Fed to stop purchasing corporate debt from the fossil fuel sector through its COVID-19 emergency facilities.
Grassroots campaigners at a press briefing yesterday said political leaders are failing to ensure a just and sustainable recovery, as new data shows that the world’s 20 richest countries have committed more than USD 150 billion of public money to support fossil fuels since the start of the COVID-19 crisis.
“Equating a bailout for Big Oil with basic protections for nurses and healthcare workers in a pandemic is completely egregious,” said Rees of Hoyer’s comments.
Hundreds of environmental, social justice, labor, and progressive organizations applauded the release of the ReWIND Act, new legislation introduced today that would block a Big Oil Bailout and ensure relief money flows to people, not polluters.
“A managed decline of oil and gas production that supports affected communities and workers must be central in a just and green recovery from the COVID-19 crisis,” said ver der Burg.
There is no doubt we are at a historical moment with the industry in deep structural and financial trouble and where a post-COVID-19 recovery could see a radical shift away from oil and into a just transition into renewables. But will that happen?
This week the seemingly impossible happened: U.S. oil futures prices went negative for the first time in history. What happens next is up to us.
Environmentalists are blasting attempts by oil and gas companies to hijack the Fed’s Main Street Lending Program in order to pay down their debt — debt that began skyrocketing long before the coronavirus impacted the industry.
Indigenous, community, and conservation groups today called on New Mexico’s congressional delegation to oppose bailing out fossil fuel companies with emergency aid during the coronavirus pandemic, and to focus all support on vulnerable communities.
The U.S. government should acquire ownership and control over fossil fuel companies to safeguard workers, avoid taxpayer-funded bailouts, restore communities, save taxpayer dollars, and ensure an eventual managed phase-out of coal, oil, and gas production.