Last week the Federal Reserve hosted its annual Economic Symposium where global financial decision-makers gathered to discuss economic policy. 350CO and allies joined forces to support the launch of the new Fossil Free Federal Reserve campaign calling on the Federal Reserve to stop big banks from financing fossil fuels and the destruction of our planet. Our clear demand ahead of November’s COP26 in Glasgow: fossil fuel finance must come to an end.
Thanks to all who joined actions at the Federal Reserve Building in Denver and at the Jackson Lake Lodge in Wyoming last week, even after the Federal Reserve canceled their in-person symposium. 350 CO showed up to urge stronger climate leadership and an accounting for climate risk. You can learn more and read 350.org’s press release about distributed actions that took place here.
Why is this Fossil Free Federal Reserve campaign important? Here’s what you need to know.
U.S. banks have funneled $1.2 trillion dollars into fossil fuels in the past five years. These big banks won’t stop funding fossil fuels on their own (they’ve been quite clear about that). The good news is that the Federal Reserve — the U.S. central bank — has the legal authority to make fossil fuel finance less desirable and possibly set limits on the financing of fossil fuels. It’s the Fed’s literal job to protect the public interest and economy from systemic risks like climate destruction, but they won’t do it alone. It will take the full weight of the climate movement pushing the Fed to take action and hold banks accountable for funding this crisis.
In April, 64 environmental and financial advocacy organizations sent a letter to Federal Reserve Chair Powell, urging him to act on climate-related risk and investment. U.S. Reps. Mondaire Jones (D-NY) and Rashida Tlaib (D-MI) also spearheaded a similar letter demanding the Federal Reserve move rapidly and boldly on managing climate risks.
Here’s how you can take action to support this new important campaign effort:
- Ending fossil fuel finance starts with a #FossilFreeFed. Sign the petition to demand President Joe Biden appoint a leader who takes the climate crisis seriously as Chair of the Federal Reserve.
Despite COVID-19 and climate impacts, the Fossil Free Federal Reserve campaign is just getting started, with a petition delivery planned for next week, the expected Fed Chair nomination over Labor Day, the September 20-21 Federal Reserve Policy meeting, and the Biden administration report release ahead of COP26. Stay tuned for ways to take action in the weeks to come!
Want to learn more? Check out these articles highlighting our efforts and demands:
- Climate Movement Keeps An Eye on Fed Chair Nomination – Bloomberg
- Climate Activists Want a New US Central Bank Chief – Here’s Why
- Fed Chief Jerome Powell Faces Opposition from Climate Activists – UPI
- Climate Activists Still Demonstrate After Fed Makes Jackson Hole Symposium Virtual
- Jackson Hole Symposium Live Blog – Green Central Banking: Climate Protests
- Environmental advocates call for climate-minded Jackson Hole Economic Symposium
- Fed’s Jackson Hole conference hopes to address an ‘uneven economy’
- Professional athletes & climate advocates call for climate finance action from mountain top, Outside Biz Journal
“The world’s scientists have made it abundantly clear in the recent IPCC 6th Assessment that the world must transition beyond fossil fuels rapidly – largely in the next decade, to avoid a terrible escalation of climate disasters, which are already hurting Colorado’s people and economy. We are joining other organizations nationwide in calling on the Federal Reserve and other banking regulators and policymakers to stop financing the fossil fuel companies fueling the climate crisis.” – Micah Parkin, Executive Director of 350 Colorado.