USA – The Biden Administration today ordered U.S. government agencies to immediately stop financing carbon-intensive fossil fuel projects overseas and prioritize international collaborations to deploy renewable energy technology. This marks a major victory for the movement to end fossil fuel finance.
On this latest news, Brooke Harper, 350 U.S. Campaign Manager said:
“President Biden is responding to the pressure we are putting on him when it comes to stopping fossil fuel finance. However, we need President Biden to go even further on ending fossil fuel finance not only on the global stage but here in his own backyard. The Federal Reserve bailed out fossil fuel companies and loosened lending regulations at unprecedented rates to failing oil and gas companies. Biden can continue his leadership on reining in fossil fuel finance by appointing Sarah Bloom Raskin as the Vice Chair for Supervision and put a climate leader on the Federal Reserve that can lead the way to financial regulators playing a critical role in a just transition to a clean energy economy.”
Press Contact: Thanu Yakupitiyage, [email protected]