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Global banks are pouring billions into the climate crisis. It needs to end now [1]

['Daily Kos Staff']

Date: 2023-08-22  

Make no mistake, we are in the midst of a global climate crisis. Much of the globe is experiencing deadly wildfires, floods, and record-shattering heat waves.

As long as the climate crisis remains unchecked, these devastating weather events will not just continue but will increase in frequency. To have any hope of avoiding the worst impacts of climate change, we must take immediate and drastic action to stop burning fossil fuels.

The world’s largest banks continue to finance the major drivers of the climate crisis, pouring $673 billion into fossil fuel companies last year alone. The world’s 60 biggest banks invested over $5,500,000,000,000 over seven years into the fossil fuel industry.

Sign the petition: Demand banks stop funding the climate crisis!

Since the Paris Agreement, top Wall Street banks, including Bank of America, JPMorgan, Citigroup, and Wells Fargo, have pledged their commitment to reach net-zero emissions by 2050.

And yet Bank of America, JPMorgan, Citigroup, and Wells Fargo all lead in bank financing for 2,300 companies across the fossil fuel life cycle, with JPMorgan consistently deemed the world's worst fossil banker. Citigroup is known for its commitment to funding the 100 companies with the most harmful expansion plans (like Exxon and Enbridge). Wells Fargo is the world's top fracking funder, and Bank of America continues to back pipeline projects across the U.S.

There’s a tactic corporations like these banks use to get to “net zero”: carbon offsets. These are reductions or removals of emissions of carbon dioxide or other greenhouse gases made in order to compensate for emissions made elsewhere. But you know what does not offset carbon emissions? Investing trillions into emission-spewing projects that accelerate our already dire climate crisis and contribute to appalling human rights violations of those impacted the most by climate change, including people of color and low-income communities.

Now, we have the opportunity for Congress to act. Democratic Sen. Edward Markey and Reps. Ayanna Pressley of Massachusetts and Rashida Tlaib of Michigan have recently reintroduced the Fossil Free Finance Act, which would require big banks to stop financing greenhouse gas emissions by 2050. Now we need the rest of Congress to cosponsor and then pass this bill.

The first step to getting out of a hole is to stop digging it deeper. Banks must stop funding fossil fuel expansion now, and Congress must step in and take action.

Sign this petition urging members of Congress to support and pass the Fossil Free Finance Act!

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[1] Url: https://www.dailykos.com/story/2023/8/22/2187921/-Global-banks-are-pouring-billions-into-the-climate-crisis-It-needs-to-end-now

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