Today the United States and over 20 other countries and institutions from both developed and developing countries committed to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
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.
“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.”
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.
“Ending international public finance for fossil fuels would be a huge boost to climate action globally. The administration must now invest serious effort and diplomatic capacity to secure this shift in international finance away from oil, gas, and coal.”
“If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley’s bills would force the action we need,” said David Turnbull of Oil Change International.