Oil Change International
FOR IMMEDIATE RELEASE
Mounting progressive groups demand a reimagined Fed to tackle climate, racial, and economic justice
WASHINGTON, D.C. Following recent reports about the potential renomination of Jerome Powell as the Chair of the Federal Reserve, national organizations including Oil Change International, 350.org, Climate Hawks Vote, Public Citizen, Rainforest Action Network, Revolving Door Project, and Sierra Club are demanding President Joe Biden appoint as Chair a strong climate leader who will implement policies and rules at the scale needed to address the climate crisis.
Jerome Powell’s tenure ends in February, with reappointment or another nomination to be solidified by January 2022. Biden is expected to make an announcement as early as Labor Day.
Canadian Banks Have an Outsized Impact on Global Fossil Fuel Financing
We pledged to reduce emissions by 30 per cent by 2030, but will financial institutions undermine this goal?
Michelle Gamage is a Vancouver-based journalist with an environmental focus who regularly reports on climate for The Tyee. You can find her on Twitter @Michelle Gamage. SHARES The Banking on a Better Future movement launched April 1.
Photo by Joshua Best.
When 18-year-old climate activist Naisha Khan wants to start a conversation about how banking fuels climate change, she asks someone how they think their bank makes money to pay them interest each month.
Addressing Climate-Related Financial Risk Through Bank Capital Requirements Getty/Drew Angerer
People walk past the New York Stock Exchange on a rainy day in the Financial District, October 2018, in New York City.
Julia Cusick
Introduction and summary
The climate crisis has profound implications for every sector of the economy, every corner of society, and every aspect of public policy. Several years ago, it may have been acceptable for U.S. financial regulators to brush climate change aside as an issue left to other government departments and agencies. Today, improved data and climate-risk economic analysis, coupled with strong international consensus, make it untenable for financial regulators to ignore the critical nexus of climate change and the financial system. Even some of the conservative regulators appointed by President Donald Trump now view climate change as an important priority that falls within their remit.
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Boris Johnson’s new investment council includes a subsidiary of a German energy giant that is suing the Netherlands for €1.4bn for phasing out coal.
The Investment Council, which launched last month to drum up foreign investment into the UK, has talked up the importance of ‘sustainable’ investment and ‘green industries’ ahead of the COP26 Climate Summit.
But the council’s advisers include RWE Renewables, whose parent company took the Netherlands to a World Bank arbitration tribunal after the Dutch government decided to phase out coal.
The government’s announcement of this new advisory body quoted RWE Renewables CEO Anja-Isabel Dotzenrath saying that “the council will create the right framework for sustainable investment” in the UK.