CLIMATE CHANGE:  31 days of 110+ temperatures in Phoenix. Catastrophic flooding in Vermont. Hot-tub temperatures in the ocean off Key West.That’s not the latest sci-fi flick. It was reality across the United States in July – which registered the highest global temperatures in human history. We know what is driving this climate chaos: Money. And we know where it comes from: Big banks.  Despite their climate pledges on paper, the four largest U.S. banks – JP Morgan Chase, Citi, Wells Fargo, and Bank of America have plowed $1.4 trillion into fossil fuels, 25% of all fossil-fuel financing worldwide, since the 2015 Paris Climate Agreement.

Click here to Take Action.

Thanks to Senator Ed Markey (MA) and Representatives Ayanna Pressley and Rashida Tlaib (MI), Congress has a chance to require big banks to stop financing greenhouse gas emissions by 2050 with the Fossil Free Finance Act (FFFA)

The Fossil Free Finance Act has five co-sponsors in the Senate and 14 in the House – but if we want it to gain traction in Congress, we need a lot more.

If passed, the Fossil Free Finance Act would require banks with more than $50 billion in assets to:

  • Stop financing new or expanded fossil fuel projects after 2023.
  • Cut their financing of greenhouse gas pollution 50% by 2030 and
  • Stop all financing of fossil fuels by 2050.
  • Prioritize ending projects that harm already-vulnerable communities at the frontlines of the climate crisis.

Big banks that fail to meet these requirements could be fined or lose their deposit insurance.

The climate crisis is a very real risk to our economy and communities. Our financial system must start to take it seriously.

Tell your members of Congress to co-sponsor the Fossil Free Finance Act.

via -