Fossil Free Federal Reserve campaign is doubling down pressure on the Fed, and telling economists that action is needed to solve the climate crisis
PHOTO / VIDEO TO BE AVAILABLE HERE NOW
Livestream of 8/25 Rally & Press Conference – Link Here
Photo credit: 350.org/Jason Kirkpatrick
Jackson Hole, WY — Activists last night confronted U.S. Federal Reserve Chair Jerome Powell at the Jackson Lake Lodge. Powell was given a clear message, which was recorded on video and shared on twitter, that the Fed must end Fossil Fuel Finance.
Since the Paris Agreement, the world’s 60 biggest banks have financed fossil fuels to the tune of $4.6 trillion. US banks are the top fossil fuel funders. With President Biden recently signing historic climate legislation, momentum is on our side. Climate organizations are now insisting on action from our government’s key financial institutions to stop investments in fossil fuels
As global financial decision-makers, including Federal Reserve officials, gather for this year’s Economic Policy Symposium, communities are bringing a clear demand ahead of November’s COP27 in Egypt, fossil fuel finance must come to an end.
Leaders with 350.org, 350 Colorado, Wyoming Chapter – Sierra Club and Jackson Hole Sunrise are holding vibrant Climate Actions which will take place on Thursday to Saturday, August 25-27, 2022:
August 25 — Main Action Day
- 12:00-4pm: Activists and RV with climate signage will stand at Jackson Airport turnoff and along the highway leading to Jackson Lodge holding signs, demanding a Fossil Free Fed
- 2pm: Sunrise Jackson Hole will host a group of bikers to convene at Jackson Lodge
- Bikers will leave from Moran entrance of the park – meeting at Pacific Creek Boat Launch at 2pm and biking 4 mile route to Jackson Lake Lodge to join the 4pm rally and press conference
- 4-6pm: Rally and peaceful protest at Jackson Lodge
- 4:30pm: Press Conference, Jackson Hole Lodge – speakers include:
- Emily Park, Federal Reserve Campaign Manager, 350.org
- Tee McClenty, Director, 350 Minnesota – speaking on Line 3 resistance and connection to economic policies
- Lynette Grey Bull, Not Our Native Daughters
- Giselle Herzfeld, 350 Colorado, Defunding Climate Disaster Coordinator
Tee McClenty, Executive Director, MN350, said;
“As climate impacts devastate our communities, the Federal Reserve must make it clear that they are no longer investing in the culprits of climate chaos. We need to end fossil fuel finance through the banks, with the Fed supporting bank investments aimed at limiting global temperature rise to 1.5°C. Our banks should not be financing harmful fossil fuel projects. It is time for a reinvisioned role within our economy – and one that accounts for climate risk and protects communities.”
Speakers and concerned community members will be calling on the Federal Reserve to:
- End fossil fuel finance through the banks & phase out all fossil fuel financing by 2030. The Fed should use existing regulatory and supervisory tools to begin limiting and phasing down the financing of emissions through curbing bank lending to fossil fuel infrastructure and projects.
- Align Fed spending and asset purchases with the Paris Climate Agreement’s goal of limiting temperature rise to 1.5°C; The Fed should encourage and support bank investment aimed at limiting global temperature rise to 1.5°C, with an emphasis on lending to low-income communities and communities of color.
The International Energy Agency and the IPCC have been crystal clear: we cannot finance any new fossil fuels — full stop. And we need to quickly wind down existing fossil fuel projects. The Federal Reserve must set portfolio limits and penalties on fossil fuel finance for financial institutions, like Chase bank.
We Need a Climate Leader for Our Economy: The Federal Reserve is the referee of the economy. When banks do bad, the ref is supposed to blow the whistle. US banks are driving the planet, and the economy, off a climate cliff. Urgent action is needed in the US to push the Federal Reserve to do what they said they would do: account for climate risk, and the Fossil Free Fed Campaign is keeping the pressure on.
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NOTES TO THE EDITOR:
For more information on #FossilFreeFed, explore the Fossil Free Federal Reserve campaign
Press Contact: Jason Kirkpatrick, [email protected]