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For Immediate Release
August, 10 2021, 09:15am EDT
Contact:
Jackie Fielder, jackie@stopthemoneypipeline.
Stop the Money Pipeline Members & Allies Release New Expectations for Forthcoming Biden Admin Climate-Related Financial Risk Strategy
WASHINGTON
Today, 86 members of the Stop the Money Pipeline (STMP) coalition and allies released a new letter outlining expectations for the Biden administration's forthcoming strategy on climate-related financial risk, which was mandated within 120 days of President Biden's May 20th Executive Order (EO) on the subject.
The letter was sent to National Economic Council Director Brian Deese, National Climate Advisor Gina McCarthy, Secretary of the Treasury Janet Yellen, and Director of the Office of Management and Budget Sholanda Young, who were tasked with developing the strategy. It provides a series of recommendations on what must be included in the strategy as directed in Section 2 of the executive order. The letter also calls for the administration's strategy to be made publicly available so that advocates and the public can have transparent insight into the administration's forward progress towards addressing climate risk.
READ THE EXPECTATIONS FOR THE FORTHCOMING CLIMATE RELATED FINANCIAL RISK STRATEGY
Member organizations of the Stop the Money Pipeline coalition released the following statements about the forthcoming strategy:
" The robust and bold executive order that our communities need is one that puts all financial institutions - public and private - firmly on a path to rapidly and drastically cutting emissions and centers racial, climate, environmental, and economic justice. We need President Biden stop the harm that financial institutions are fueling and we need him to direct reparative investments to Black, Brown, and Indigenous communities for a just recovery from decades of fossil fuel racism" said Erika Thi Patterson, Climate and Environmental Justice Campaign Director for the Action Center on Race and the Economy
"With the release of the new IPCC report and the ever present Line 3 pipeline being near completion, now more than ever it is imperative that this administration steps up and meets the SMTP executive order expectations and prioritizes bold climate action. Financial policy and regulation is one area where the administration has a myriad of existing authority that allows it to take the decisive and necessary steps to attenuate further climate chaos. We cannot allow Wall St to wreak any more havoc on our climate than they already have" said Amy Gray, Senior Climate Finance Strategist at Stand.earth
"With its climate-finance executive order, the Biden administration began catching up with frontline communities, climate advocates, the IPCC, and even the IEA in recognizing that investments in the industries causing climate change are catastrophic for people and the planet. But issuing plans to make plans doesn't match the urgency of the climate crisis, which is why we are saying loud and clear that the administration must do everything in its power to ensure the drastic reduction of greenhouse gas emissions by public and private actors in ways that promote climate, racial, and economic justice" said Moira Birss, Climate & Finance Director, Amazon Watch
"As the latest report from the IPCC has made all too clear, we must stop extracting and burning fossil fuels now. That's why President Biden's forthcoming Climate-Related Financial Risk Strategy must unequivocally wind down federal programs support of fossil fuels, including divesting federal agencies from fossil fuel companies. Further this strategy must also stop new fossil fuel related infrastructure investments and focus on building renewable energy systems in a just and equitable manner" said Mitch Jones, Policy Director, Food & Water Watch
"The latest IPCC report released this week should light a fire under the feet of this administration to treat climate change like the grave emergency that it is and to take urgent action across the board to drastically reduce emissions. That includes confronting how financing for fossil fuel production drives climate chaos. President Biden's Executive Order on Climate-Related Financial Risk provides a critical opportunity to ensure that the financial system is protected from, and protective of, the climate - but only if the administration makes clear that finance cannot be "net zero" unless finance is fossil-free" said Steven Feit, Senior Attorney, Center for International Environmental Law
Signatories:
- Action Center on Race and the Economy
- Indigenous Environmental Network
- Women's Earth and Climate Action Network (WECAN)
- Mazaska Talks
- Rainforest Action Network
- Seeding Sovereignty
- Friends of the Earth US
- Oil Change International
- Amazon Watch
- 350.org
- Food & Water Watch
- Zero Hour
- Center for International Environmental Law
- PRBB Foundation
- Climate Hawks Vote
- Small Business Alliance
- Revolving Door Project
- Future Coalition
- Center for Biological Diversity
- Earth Guardians
- National Family Farm Coalition
- Earth Action, Inc.
- Stand.earth
- Our Part Foundation
- Green Education and Legal Fund
- WildEarth Guardians
- FracTracker Alliance
- CA Businesses for a Livable Climate
- CatholicNetwork US
- Businesses for a Livable Climate
- CO Businesses for a Livable Climate
- Power Past Fracked Gas
- Oil and Gas Action Network
- Climate Finance Action
- Social Eco Education (SEE-LA)
- The YEARS Project
- North American Climate, Conservation and Environment (NACCE)
- Sunflower Alliance
- 1000 Grandmothers for Future Generations
- Fossil Fuel Divest Harvard
- Fossil Free California
- Revolution Coalition
- Bronx Climate Justice North
- North Bronx Racial Justice
- RapidShift Network
- Call to Action Colorado
- Wall of Women
- North Range Concerned Citizens
- Spirit of the Sun
- The Green House Connection Center
- Comite Nacional de Lucha Contra el Cambio Climatico, CNLCC-RD
- Global Energy Monitor
- Future Nexus
- Elders Climate Action
- No business
- Clean Energy Action
- Empower our Future
- 198 methods
- The Borneo Project
- Sisters Health & Wellness Collective
- Kickapoo Peace Circle
- Extinction Rebellion SF Bay
- Ktisis Capital
- 350 Colorado Springs
- 350 Seattle
- 350 Eugene
- 350 Hawaii
- NM Climate Justice
- 350 Juneau
- 350NYC
- 350Kishwaukee (Illinois)
- 350PDX
- MN350 Action
- 350Wenatchee
- 350 Triangle
- 350ma-Berkshires
- 350 Butte County
- SoCal 350 Climate Action
- Connecticut Citizen Action Group
- Montbello Neighborhood Improvement Association
- 350 Conejo / San Fernando Valley
- Milwaukee Riverkeeper
- 350 Pensacola
- Unite North Metro Denver
- Climate Action Rhode Island - 350
- Solarize Albany County
The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.
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