The Problem: Since the Paris Climate Agreement (PCA), the world’s 60 biggest banks have financed fossil fuels to the tune of $4.6 trillion. Runaway funding for fossil fuel extraction and infrastructure fuels climate chaos and threatens the lives and livelihoods of millions. US banks are the top fossil fuel funders. (tinyurl.com/y9su36u7)

Reality: An IEA report says “no investment in new fossil fuel supply projects, starting today” is critical for net-zero emissions by 2050 (iea.org/reports/net-zero-by-2050); UN Secretary-General says: “We can no longer afford big fossil fuel infrastructure anywhere. Such investments simply deepen our predicament.” (tinyurl.com/yckkd3bp). Yet banks have made clear they will not stop financing fossil fuels. 

What Does the US Federal Reserve Do? It is the duty of the Fed to act in the public interest and ensure a healthy economy and financial system – including a responsibility to address the economic threats posed by the climate crisis.

Our Demands

The Federal Reserve: 

• END BANK FOSSIL FUEL FINANCE: Use existing regulatory and supervisory tools to limit and phase down financing of emissions. 
• DIVEST AND INVEST: Align Fed spending and asset purchases with PCA’s goal of <1.5°C temperature increase.
• PUSH BANKS TO INVEST: Encourage bank investment aligned with PCA, with emphasis on lending to low-income communities and communities of color. 
• DISCLOSURE: Banks must disclose climate risk of current investments
• LIMIT/BAR:  Investments in Fossil Fuel Infrastructure.
• ENFORCE: Community Reinvestment Act
• SUPPORT: Green New Deal:
  • Including investments in, 
    • Underserved Communities
    • Frontline Communities
    • BIPOC Communities
    • Sustainable Technologies
    • Green Lending Projects

FED UP CLIMATE DAY OF ACTION, October 29th 2021