April, 01 2021, 12:00am EDT
64 Orgs Write to Fed Chair Powell Calling for More Action on Climate Change
New report shows Fed failing to address climate change, NGO’s join 25 members of Congress who sent companion letter.
WASHINGTON
Today, 64 organizations sent a letter to Federal Reserve Chairman Powell, urging him to take action on climate-related risk and investment, saying "there is an urgent need for more significant financial regulatory responses to the climate crisis." This letter comes as the new Green Central Banking Scorecard from PositiveMoney gives the Federal Reserve a D-, rating it among the bottom tier of G-20 central banks for its efforts to address climate change.
A group of 25 Members of Congress, led by Rep. Mondaire Jones (NY-17) and Rep. Rashida Tlaib (MI-13), sent a companion letter earlier today, saying "We write to share our concern over the limited action of the Federal Reserve ('Fed') to prepare our financial institutions and broader economy for the risk and destabilizing impact of climate change." Their full letter is available online HERE.
In the letter, the climate and financial reform organizations told Powell, "The Federal Reserve Board has a crucial role to play in protecting the economy and the public from material risks, including those from climate change, as you highlighted in your November 2020 press conference. The threats posed by climate change, as outlined in the Fed's most recent financial stability report, are significant and, to quote Governor Lael Brainard, 'one of the major challenges of our time.' We urge you to move more rapidly and more boldly with specific actions in supervision, micro and macroprudential regulation, monetary policy, the Board's balance sheet, and community development."
"It's unthinkable that banks are still financing new fossil fuel development when we are crystal clear that we are on a path to climate chaos," said Tracey Lewis, Senior Policy Analyst, 350.org. "The Federal Reserve must do its job, steering the economy away from disaster by ending fossil fuel finance."
Public Citizen released a supplement to the Green Central Banking Scorecard that gives the context for the Federal Reserve's D- grade and identifies what the Fed can do on climate change.
"This abysmal grade is a warning call - the Federal Reserve is falling behind on addressing the threats from climate change - but with swift action, the U.S. can jump to the head of the class," said Yevgeny Shrago, policy counsel for Public Citizen's Climate Program. "The Fed has the tools to support the ongoing transition to a clean energy economy, but so far it's been all talk and no walk. Together, we're urging Chairman Powell to take bold action and protect our economy from climate risk."
Last week, a new report, Banking on Climate Chaos, showed that the largest banks in the world have continued to invest trillions of dollars in fossil fuels since the Paris Agreement, underscoring the need for urgent action from the Federal Reserve and other financial regulators.
"Since the Paris Climate Agreement, U.S. banks are the world's four biggest lenders and underwriters to the fossil fuel industry, and six of the top 15, to the tune of $1.2 trillion over the past five years," said Jason Opena Disterhoft, Climate and Energy Senior Campaigner at Rainforest Action Network. "Wall Street is driving the climate crisis, and therefore threatening the safety, soundness and stability of the financial system. It's well past time for the Federal Reserve to stop sitting on its hands. The Fed must fulfill its mandate by using the full range of its tools to stop Wall Street fueling climate risk."
The NGO letter to Federal Reserve Chairman Powell is online HERE, and its full text and list of signatories are below.
Public Citizen is a nonprofit consumer advocacy organization that champions the public interest in the halls of power. We defend democracy, resist corporate power and work to ensure that government works for the people - not for big corporations. Founded in 1971, we now have 500,000 members and supporters throughout the country.
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'Just the Beginning': 50+ Arrested for Blockading Citigroup Bank Over Climate Crimes
"Through people-powered resistance, we can give money a conscience and stop Citi's destruction of our planet," said one Indigenous campaigner.
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Twenty more demonstrators were arrested Thursday, the second day of Earth Week protests targeting Citigroup's Manhattan headquarters in what organizers called "the beginning of a wave of direct actions to take place over the summer targeting big banks for creating climate chaos that is killing our communities and our planet."
Protest organizers—who include Climate Defenders, New York Communities for Change, Planet over Profit, and Stop the Money Pipeline—said 53 activists were arrested over two days of demonstrations, which included blocking the entrance to Citigroup's headquarters, to "demand that the bank stop funding fossil fuels."
Organizers said this week's demonstrations "were just the beginning" of what they're calling a "Summer of Heat" targeting big banks for their role in the climate emergency and for "polluting our land, air, and water, and threatening the health of children, families, and our planet." Citigroup is the world's second-largest fossil fuel financier.
"We're holding Citi accountable for financing dirty fossil fuels from Canada to Latin America and beyond," said Chief Na'moks of the Wet'suwet'en Nation, one of several Indigenous leaders who took part in the action. "Through people-powered resistance, we can give money a conscience and stop Citi's destruction of our planet."
Jonathan Westin, executive director of Climate Defenders, asserted that "Citigroup's racist funding of oil, coal, and gas is creating climate chaos that's devastating communities of color across the country."
"We're taking action to tell Citi that we won't put up with their environmental racism for one more day," Westin continued. "Our communities have reached the boiling point. Our children have asthma, our city's sky was orange, and our air polluted because of the climate crisis caused by Citi and Wall Street."
"We're going to keep organizing and taking direct action until Citi listens to us," he vowed.
Stop the Money Pipeline co-director Alec Connon said: "To have any chance of reigning in the climate crisis, we must stop investing in fossil fuel expansion. Yet, Citibank is pumping billions of dollars into new coal, oil, and gas projects."
"We're here to make it clear: If they're going to fund the companies disrupting our climate and our lives, we're going to disrupt their business," Connon added.
Activists have repeatedly targeted Citigroup in recent years as the megabank has pumped more than $300 billion into fossil fuel investments around the world since the Paris climate agreement.
According to the protest organizers:
Citi has provided $668 million in funding to Formosa Plastics between 2001-2021, which is trying to build a $9.4 billion plastics facility in a majority Black community in the heart of Cancer Alley in Louisiana.
Citigroup is also one of the biggest funders of state-run oil and gas companies in the Amazon basin, pumping in over $40 billion between 2016-2020, and a major backer of Petroperú, which has been involved in oil spills and Indigenous rights violations.
"From wildfires, heatwaves, and floods to deadly air pollution and mass drought, Citi's fossil fuel financing is killing us," said Alice Hu of New York Communities for Change. "We've sent polite petitions and had pleading meetings with bank representatives, but Citi refuses to stop pouring billions each year into coal, oil, and gas."
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A Biden administration spokesperson once again brushed off calls for an independent investigation into how hundreds of Palestinians found in mass graves near Gaza hospitals died when asked Thursday about new reports that many of the victims were tortured, summarily executed—and in some cases, buried alive by Israeli invaders.
During a Thursday U.S. State Department press conference in Washington, D.C., a reporter noted Gaza officials' claim that mass grave victims "including children were tortured before being killed" and that "some even showed signs of being buried alive, along with other crimes against humanity."
"What's wrong with an independent, scientific, forensic investigation?"
Noting calls by Palestinian officials and United Nations High Commissioner for Human Rights Volker Türk for an independent probe into mass graves, the reporter said that "this administration repeatedly said that it asks... the Israeli government to investigate itself."
"How does it ever make sense that the United States asks the accused party to examine itself and provide reports that you have previously said that you actually trust?" the reporter asked State Department Principal Deputy Spokesperson Vedant Patel. "What's wrong with an independent, scientific, forensic investigation?"
Patel replied: "We continue to find these reports incredibly troubling. And that's why yesterday you saw the national security adviser for this to be thoroughly investigated."
While National Security Adviser Jake Sullivan on Wednesday called reports of mass grave atrocities "deeply disturbing" and said that "we want answers" from Israel, he did not call for an independent investigation.
When the reporter pressed Patel on the legitimacy of asking Israel to investigate itself, Patel said, "we believe that through a thorough investigation we can get some additional answers."
Thursday's exchange followed a similar back-and-forth on Tuesday between Patel and Said Arikat, a journalist for the Jerusalem-based
Palestinian news outlet al-Quds who asked about the mass graves.
At least 392 bodies—including numerous women and children—have been found in mass graves outside Nasser Hospital in Khan Younis, southern Gaza, where Palestinian Civil Defense and other workers have been exhuming victims for nearly a week. Officials believe there are as many as 700 bodies in three separate mass graves.
Based on more recent exhumations, local Civil Defense chief Yamen Abu Sulaiman said during a Wednesday press conference that "we believe that the occupation buried alive at least 20 people at the Nasser Medical Complex."
"There are cases of field execution of some patients while undergoing surgeries and wearing surgical gowns," he stated, adding that some victims showed signs of torture and 10 bodies had medical tubes attached to them.
Gaza Civil Defense official Mohammed Mughier told reporters that "we need forensic examination" to definitively determine the causes of death for the 20 people believed to have been buried alive.
Previous reporting on the mass graves quoted rescue workers who said they found people who were apparently executed while their hands were bound, with some victims missing heads, skin, and internal organs.
Other mass graves have been found in Gaza, most notably on the grounds of al-Shifa Hospital, where Israeli forces last month committed what the Geneva-based Euro-Mediterranean Human Rights Monitor called "one of the largest massacres in Palestinian history."
It's also not the first time there have been reports of Israeli troops burying victims alive during the current war, in which Palestinian and international officials say Israeli forces have killed or wounded more than 122,000 Gazans, including at least 11,000 people who are missing and feared dead. Israeli forces attacking Kamal Adwan Hospital in Beit Lahia last December reportedly bulldozed and buried alive dozens of injured patients and displaced people.
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A day after Columbia University officials warned it may call on the National Guard to remove nonviolent student protesters who have been occupying campus lawns since last week in solidarity with Gaza, advocacy group Palestine Legal on Thursday filed a federal civil rights complaint demanding an investigation into the school's "discriminatory treatment of Palestinian students and their allies."
The school discriminated against pro-Palestinian protesters last week when President Minouche Shafik summoned New York Police Department officers in riot gear to arrest more than 100 students, said Palestine Legal.
The complaint details how the escalation against students, who have set up an encampment on campus to demand Columbia divest from companies that work with the Israeli government and to support calls for a cease-fire in Gaza, is part of a monthslong pattern of the university's targeting of pro-Palestinian students.
According to Palestine Legal, students of all backgrounds who have demanded an end to Israel's U.S.-backed massacre of Palestinians in Gaza "have been the target of extreme anti-Palestinian, anti-Arab, and Islamophobic harassment, including receiving multiple death threats, being harassed for wearing keffiyehs or hijab, doxxed, stereotyped, being treated differently by high-ranking administrators including... Shafik, an attack with a chemical agent that led to at least 10 students requiring hospitalization and dozens of others, including a Palestinian student, seeking medical attention, and more."
Columbia student Maryam Alwan, who Palestine Legal is representing in the complaint to the U.S. Department of Education's Office for Civil Rights, said the university has "utterly failed to protect [her] from racism and abuse."
"Beyond that, the university has also played a role in this repression by having me arrested and suspended for peacefully protesting Israel's genocide in Gaza," said Alwan. "The violent repression we're facing as peaceful anti-war protesters is appalling. Palestinian students at Columbia deserve justice and accountability, not only for Israel's decadeslong oppression and violence against our people, but for the racism and discrimination we've experienced here on Columbia's campus."
Palestine Legal is representing four students in the case, as well as Columbia Students for Justice in Palestine, which was suspended from the campus late last year after holding anti-war protests.
The group called Columbia's threat to call in the National Guard "gravely concerning."
"Columbia's vicious crackdown on student protests calling for Palestinian freedom amidst an ongoing genocide should alarm us all. Students have always been at the forefront of the most pressing social issues of the day," said Palestine Legal staff attorney Sabiya Ahamed.
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The Biden administration has said little about the student demonstrations, but President Joe Biden referred to them broadly as "antisemitic protests" this week.
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