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Stop the Money Pipeline Members & Allies Release New Expectations for Forthcoming Biden Admin Climate-Related Financial Risk Strategy

WASHINGTON -

Today, 86 members of the Stop the Money Pipeline (STMP) coalition and allies released a new letter outlining expectations for the Biden administration’s forthcoming strategy on climate-related financial risk, which was mandated within 120 days of President Biden’s May 20th Executive Order (EO) on the subject.

The letter was sent to National Economic Council Director Brian Deese, National Climate Advisor Gina McCarthy, Secretary of the Treasury Janet Yellen, and Director of the Office of Management and Budget Sholanda Young, who were tasked with developing the strategy. It provides a series of recommendations on what must be included in the strategy as directed in Section 2 of the executive order. The letter also calls for the administration’s strategy to be made publicly available so that advocates and the public can have transparent insight into the administration’s forward progress towards addressing climate risk.

READ THE EXPECTATIONS FOR THE FORTHCOMING CLIMATE RELATED FINANCIAL RISK STRATEGY

Member organizations of the Stop the Money Pipeline coalition released the following statements about the forthcoming strategy:

“​​The robust and bold executive order that our communities need is one that puts all financial institutions – public and private – firmly on a path to rapidly and drastically cutting emissions and centers racial, climate, environmental, and economic justice. We need President Biden stop the harm that financial institutions are fueling and we need him to direct reparative investments to Black, Brown, and Indigenous communities for a just recovery from decades of fossil fuel racism” said Erika Thi Patterson, Climate and Environmental Justice Campaign Director for the Action Center on Race and the Economy

“With the release of the new IPCC report and the ever present Line 3 pipeline being near completion, now more than ever it is imperative that this administration steps up and meets the SMTP executive order expectations and prioritizes bold climate action. Financial policy and regulation is one area where the administration has a myriad of existing authority that allows it to take the decisive and necessary steps to attenuate further climate chaos. We cannot allow Wall St to wreak any more havoc on our climate than they already have” said Amy Gray, Senior Climate Finance Strategist at Stand.earth

“With its climate-finance executive order, the Biden administration began catching up with frontline communities, climate advocates, the IPCC, and even the IEA in recognizing that investments in the industries causing climate change are catastrophic for people and the planet. But issuing plans to make plans doesn’t match the urgency of the climate crisis, which is why we are saying loud and clear that the administration must do everything in its power to ensure the drastic reduction of greenhouse gas emissions by public and private actors in ways that promote climate, racial, and economic justice” said Moira Birss, Climate & Finance Director, Amazon Watch

“As the latest report from the IPCC has made all too clear, we must stop extracting and burning fossil fuels now. That’s why President Biden’s forthcoming Climate-Related Financial Risk Strategy must unequivocally wind down federal programs support of fossil fuels, including divesting federal agencies from fossil fuel companies. Further this strategy must also stop new fossil fuel related infrastructure investments and focus on building renewable energy systems in a just and equitable manner” said Mitch Jones, Policy Director, Food & Water Watch

"The latest IPCC report released this week should light a fire under the feet of this administration to treat climate change like the grave emergency that it is and to take urgent action across the board to drastically reduce emissions. That includes confronting how financing for fossil fuel production drives climate chaos. President Biden's Executive Order on Climate-Related Financial Risk provides a critical opportunity to ensure that the financial system is protected from, and protective of, the climate - but only if the administration makes clear that finance cannot be "net zero" unless finance is fossil-free” said Steven Feit, Senior Attorney, Center for International Environmental Law

Signatories:

  1. Action Center on Race and the Economy
  2. Indigenous Environmental Network
  3. Women's Earth and Climate Action Network (WECAN)
  4. Mazaska Talks
  5. Rainforest Action Network
  6. Seeding Sovereignty
  7. Friends of the Earth US
  8. Oil Change International
  9. Amazon Watch
  10. 350.org
  11. Food & Water Watch
  12. Zero Hour
  13. Center for International Environmental Law
  14. PRBB Foundation
  15. Climate Hawks Vote
  16. Small Business Alliance
  17. Revolving Door Project
  18. Future Coalition
  19. Center for Biological Diversity
  20. Earth Guardians
  21. National Family Farm Coalition
  22. Earth Action, Inc.
  23. Stand.earth
  24. Our Part Foundation
  25. Green Education and Legal Fund
  26. WildEarth Guardians
  27. FracTracker Alliance
  28. CA Businesses for a Livable Climate
  29. CatholicNetwork US
  30. Businesses for a Livable Climate
  31. CO Businesses for a Livable Climate
  32. Power Past Fracked Gas
  33. Oil and Gas Action Network
  34. Climate Finance Action
  35. Social Eco Education (SEE-LA)
  36. The YEARS Project
  37. North American Climate, Conservation and Environment (NACCE)
  38. Sunflower Alliance
  39. 1000 Grandmothers for Future Generations
  40. Fossil Fuel Divest Harvard
  41. Fossil Free California
  42. Revolution Coalition
  43. Bronx Climate Justice North 
  44. North Bronx Racial Justice 
  45. RapidShift Network
  46. Call to Action Colorado
  47. Wall of Women
  48. North Range Concerned Citizens 
  49. Spirit of the Sun
  50. The Green House Connection Center
  51. Comité Nacional de Lucha Contra el Cambio Climático, CNLCC-RD
  52. Global Energy Monitor
  53. Future Nexus
  54. Elders Climate Action
  55. No business
  56. Clean Energy Action 
  57. Empower our Future 
  58. 198 methods
  59. The Borneo Project 
  60. Sisters Health & Wellness Collective 
  61. Kickapoo Peace Circle
  62. Extinction Rebellion SF Bay
  63. Ktisis Capital
  64. 350 Colorado Springs
  65. 350 Seattle
  66. 350 Eugene
  67. 350 Hawaii
  68. NM Climate Justice
  69. 350 Juneau
  70. 350NYC
  71. 350Kishwaukee (Illinois)
  72. 350PDX
  73. MN350 Action
  74. 350Wenatchee
  75. 350 Triangle
  76. 350ma-Berkshires
  77. 350 Butte County
  78. SoCal 350 Climate Action
  79. Connecticut Citizen Action Group
  80. Montbello Neighborhood Improvement Association
  81. 350 Conejo / San Fernando Valley
  82. Milwaukee Riverkeeper
  83. 350 Pensacola
  84. Unite North Metro Denver
  85. Climate Action Rhode Island - 350
  86. Solarize Albany County

###

The Stop the Money Pipeline coalition is over 160 organizations strong holding the financial backers of climate chaos accountable.

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