Glasgow Demands for the Biden Administration
NEW: See our May 20, 2021 [Press Release] regarding Biden’s expected Executive Order on “Climate-Related Financial Risks”
The most important international climate talks since the Paris Agreement will begin in Glasgow, Scotland on November 1st, 2021. The outcomes of the COP26 Glasgow Climate Talks — including public and private sector commitments — will go a long way to determining our ability to combat the climate crisis.
US banks, insurance companies, and asset managers are the world’s largest financiers of the corporations driving climate chaos. President Biden must ensure that before COP26, all US financial institutions are firmly on a path to real zero greenhouse gas emissions. This will require that every regulatory agency and department is staffed by strong, pro-climate and environmental justice leaders who make eliminating climate risk a central part of their agendas
Stop the Money Pipeline demands that by November 1st, 2021, the start of the Glasgow Climate Talks, the Biden Administration takes the following steps:
- Require financial institutions to phase out financing for fossil fuels and deforestation. Mandate banks and other financial institutions implement plans to phase out investments in fossil fuel or deforestation-causing commodities or businesses on a timeline consistent with science-based targets, and prohibit financial institutions from directly owning these assets.
- End all public money for corporations engaged in fossil fuels and deforestation. The Federal Reserve and public financing agencies, such as the US Export-Import Bank and the US International Development Finance Corporation, must wind down existing fossil fuel exposure to zero in a responsible way consistent with science-based climate targets.
- Invest in Black, Brown, and Indigenous communities, remedy past harms, and promote a clean, just transition for workers in the fossil fuel sector and frontline communities. Study and design a public investment authority to offer long-term investment in communities for green infrastructure, without a profit or revenue requirement, and housing projects that create good union jobs with targeted hiring of local frontline communities. Study and design a program for making reparative payments and investments to frontline communities to remedy past harms.
- Hold all firms accountable to respecting Tribal Nations’ treaty and sovereignty rights. Ensure that banks and other financial institutions cannot proceed with financing projects that will impact a tribal community without the Free, Prior, and Informed Consent of the Tribal Nation(s) concerned. Uphold and honor Tribal Nations’ treaty rights.