Tell Biden & the Financial Industry: Stop the Money Pipeline
The most important climate talks since the Paris Agreement will begin in Glasgow, Scotland on November 1, 2021. The outcomes of these negotiations — including public and private sector commitments — will go a long way to determining our ability to combat the climate crisis.
Will you add your name to demand that all financial institutions and the US government end their support for companies engaged in climate destruction and human rights abuses by the start of the Glasgow Talks?
I ask that by no later than November 1st, 2021, the start of the Glasgow Climate Talks, all financial institutions and pension funds take the following steps:
1. Respect Human Rights and Indigenous Sovereignty:
End all financial services, funding for and investments in any project or company that violates human rights, land rights, engages in practices of racial discrimination, or fails to respect Indigenous People’s treaty rights, sovereignty, and right to Free, Prior and Informed Consent.
2. End Support for Deforestation:
End all financial services for and investments in for any company involved in deforestation, land conversion or peatland destruction across its supply chain.
3. End Support for Fossil Fuels:
Begin an immediate phase-out of all financial services, funding for and investments in the fossil fuel industry, including immediately ending all support for any project or company that is engaged in expanding the extraction, production or transportation of fossil fuels.
Additionally, we call on the US government to intervene in the climate crisis by taking the following steps, by no later than Nov 1, 2021:
1. 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.
2. 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.
3. 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.
4. 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.