Sign the petition: Demand banks stop funding the climate crisis!
Congress
This summer we are experiencing deadly wildfires and floods on top of record shattering heat waves that hit much of the U.S. and Europe, creating deadly wildfires in Algeria, Greece, Italy, Tunisia, and other parts of Europe.
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.
Yet, the world’s largest banks continue to support the major drivers of the climate crisis, pouring $668.6 billion into fossil fuel companies last year alone.
Thankfully, Sen. Edward Markey (MA) and Reps. Ayanna Pressley (MA) and Rashida Tlaib (MI) reintroduced the Fossil Free Finance Act, which would require big banks to stop financing greenhouse gas emissions by 2050. The bill has also been cosponsored in the Senate by Sens. Jeff Merkley (OR) and Bernie Sanders (VT) and endorsed by 64 organizations. 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!
Sign this petition urging members of Congress to support and pass the Fossil Free Finance Act!
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To:
Congress
From:
[Your Name]
I implore you to cosponsor the Fossil Free Finance Act (FFFA) reintroduced by Sen. Edward Markey (MA) and Reps. Ayanna Pressley (MA) and Rashida Tlaib (MI).
The latest iteration of the Banking on Climate Chaos report for the year 2022 showed that banks poured $673 billion into fossil fuel companies last year, even though many fossil fuel companies didn’t even need financing because of their record windfall profits. This news comes as Bloomberg reports that financial markets aren’t pricing in the heightened risk of mass writedowns across energy portfolios that’s implied by the Inflation Reduction Act, meaning that there is even more of a “significant risk” that energy investors will be left holding stranded fossil-fuel assets sooner rather than later.
The FFFA would require big banks to stop financing greenhouse gas emissions by 2050 and reduce their financed emissions by 50% by 2030. Cosponsoring this bill is a no-brainer to mitigate the risk of total economic collapse from risky fossil fuel investments that are not only threatening our financial security as we make a green transition, but also actively damaging our communities through climate change.
Please cosponsor the Fossil Free Finance Act TODAY.