As your constituent, I urge you to become a co-sponsor of S 1138 / HR 2443 the Fossil Free Finance Act immediately.
Big banks continue to gamble on risky dirty energy projects that are incompatible with science-based emissions targets and put communities and our financial system at risk. Congress has the power to rein in this reckless behavior. The Fossil Free Finance Act would allow the Federal Reserve to enforce protections requiring banks with over $50 million in assets to:
- Stop financing new or expanded fossil fuel projects after 2023;
- Cut their financing of greenhouse gas pollution by 50% by 2030; and
- Stop all financing of fossil fuels by 2050 and prioritize removing funding from projects that harm already-vulnerable communities at the frontlines of the climate crisis.
Big banks like Chase, Wells Fargo, Citibank, and Bank of America continue to make empty climate commitments while pouring millions of dollars every year into polluting industries that threaten financial stability and destabilize communities. Since the Paris Agreement was signed in 2015, big banks have collectively financed at least $4.5 TRILLION in fossil fuel projects.
Shifting money from risky fossil fuel investments by requiring science-based transition plans will not only help create a more livable climate for our kids and grandkids – it will also protect our economy from a major threat to financial stability.
Please take climate risks to the financial system seriously and co-sponsor the Fossil Free Finance Act now. Thanks!
First sent on May 17, 2023 by Jess Craven
