“Arriving at COP26 with a climate risk plan that doesn’t adequately address financial institutions’ funding of fossil fuels means the Biden Administration risks forfeiting its chance at climate leadership,” said Rees.
Twelve of the largest central banks around the globe continue to support climate chaos-causing fossil fuels through policy and direct finance, a new report released today finds. Ahead of an annual convening of central bankers in Jackson Hole, Wyoming later this week, the analysis strikes a critical contrast to promises in recent months by the same central banks to align their operations with climate goals.
There is growing recognition that central banks must act to confront the climate crisis. They have the tools to catalyze and accelerate the end of financing for fossil fuels – through monetary policy, regulatory action, and excluding fossil fuel assets from their own portfolios. But, with only limited exceptions, they are not using these tools. This report identifies 10 criteria for assessing central banks against the Paris Agreement’s objective, and applies them to assess 12 major central banks.
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.
The Commodity Futures Trading Commission issued its report on the risks that the climate emergency poses to the financial system. Stop the Money Pipeline partners issued the following responses.
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.
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.
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.
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.