December, 14 2021, 10:13am EDT
For Immediate Release
Contact:
Gabby Brown (Sierra Club), gabby.brown@sierraclub.org
Julia Cusick (CAP), jcusick@americanprogress.org
Jason Schwartz (Sunrise Project), jason.schwartz@sunriseproject.
US Banks and Investors Responsible for Roughly the Emissions of Russia, Report Finds
Center for American Progress and the Sierra Club look at "financed emissions" to offer novel view of the large carbon footprint of US banks and asset managers.
WASHINGTON
A new report published today by Center for American Progress and the Sierra Club finds that the 18 largest US banks and asset managers alone were responsible for financing the equivalent of 1.968 billion tons of CO2 in 2020. This would make the US financial sector the 5th biggest emitter of CO2 in the world if it were a country - ranked just below Russia and ahead of Indonesia.1 The new research offers a novel picture of the enormous carbon footprint of American finance and calls for a suite of regulations to be introduced across the sector to bring US banks in line with the Paris Agreement target of 1.5 degrees Celsius of global warming.
The analysis, carried out by leading climate solutions and project developer South Pole, used a market-leading carbon accounting methodology to calculate, for the first time, the aggregate carbon emissions associated with the lending and investment activities of the US financial sector, based on an indicative sample.2 While the analysis clearly demonstrates the scale of impact from financial institutions in driving climate change, it likely represents a gross underestimate, as it relies on public disclosures that exclude crucial data, including emissions related to advisory services and underwriting and estimations of Scope 3 emissions for bank clients. Scope 3 emissions account for 88% of emissions for oil and gas companies.
The timing of the report is meaningful because it demonstrates how the financial industry takes advantage of weak disclosure rules to obscure understanding of its contributions to global emissions. Narrow public disclosures by banks do not include transaction-level data in their estimations of credit exposure. In the coming weeks and months, both the OCC and SEC will be considering rules that can--and should--directly address this shortcoming. This report should inform their decision-making.
Ben Cushing, Campaign Manager for the Sierra Club's Fossil-Free Finance campaign: "Regulators can no longer ignore Wall Street's staggering contribution to the climate crisis. Wall Street's toxic fossil fuel investments threaten the future of our planet and the stability of our financial system and put all of us, especially our most vulnerable communities, at risk. Financial regulators have the authority to rein in this risky behavior, and this report makes it clear that there is no time to waste."
Andres Vinelli, Vice President of Economic Policy at the Center for American Progress: "Climate change poses a large systemic risk to the world economy. If left unaddressed, climate change could lead to a financial crisis larger than any in living memory," said "The U.S. banking sector is endangering itself and the planet by continuing to finance the fossil fuel sector. Because the industry has proven itself to be unwilling to govern itself, regulators including the SEC and the OCC must urgently develop a framework to reduce banks' contributions to climate change."
According to the Intergovernmental Panel on Climate Change (IPCC), in order to limit global warming to 1.5degC, global emissions need to fall by 45% from 2010 levels before 2030. This year, the International Energy Agency stated that for the world to reach net zero emissions by 2050, there must be no new oil and gas development. However, pledges from the finance sector at COP26 in Glasgow this November have been widely criticized for a lack of concrete targets or timelines, a failure to directly address banks' support of fossil fuel companies, and a reliance on watered down "intensity" targets on emissions, instead of absolute targets. Banks continue to pour money into the fossil fuel industry. In fact, since the signing of the Paris Agreement in 2015, the world's largest 60 banks alone have provided $3.8 trillion to the fossil fuel industry.
President Biden has set ambitious targets for emission reductions in the US, but so far his administration has fallen short of utilizing its regulatory and policymaking powers to address the role of corporations in driving climate change. The report recommends numerous immediate and specific steps federal financial regulators can take to account for the imminent systemic threat of climate change, including reforms to capital markets regulation and regulations regarding capital requirements and supervision of banks.
Fossil fuel investments represent a large systemic financial risk in and of themselves. As the climate changes and as the world moves towards cleaner and cheaper renewable energy, fossil fuel assets are increasingly at risk of being "stranded," whether because the world is forced to move to cleaner energy or because of the impacts of climate change itself. As the report notes: "According to insurance provider Swiss Re, climate change could reduce global GDP by 11 percent to 14 percent by 2050 as compared with a world without climate change. That amounts to a $23 trillion loss, causing damage that would far surpass the scale of the 2008 financial crisis."
The report replicates a similar approach to one by Greenpeace UK and WWF that found that the UK financial sector was responsible for over 800 million tons of CO2 equivalent, nearly double the UK's total emissions.
- New report finds that if US financial institutions were a country, they would be the fifth worst carbon emitter in the world, or just below Russia, in annual net emissions of CO2;
- The finance sector is driving greenhouse gas emissions, yet there is currently no requirement for it to reduce emissions in line with government targets - unlike other industries;
- CAP and the Sierra Club call for rules and regulations that would align the US finance sector with the Paris Agreement, including impending rulemaking at the SEC and OCC.
The Sierra Club is the most enduring and influential grassroots environmental organization in the United States. We amplify the power of our 3.8 million members and supporters to defend everyone's right to a healthy world.
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Columbia Faculty Walk Out Over Student Suspensions, Arrests for Gaza Protests
While expressing gratitude for solidarity actions, Congresswoman Ilhan Omar—whose daughter was suspended—said that "this about the genocide in Gaza and the attention has to remain on that."
Apr 22, 2024
Over 34,000 Palestinians in Gaza have been killed by U.S.-backed Israeli troops, and Columbia University students have been suspended and arrested by New York Police Department officers in recent days for protesting the slaughter—which led to a walkout by the Ivy League institution's faculty on Monday.
The Guardian reported that "hundreds of members of the teaching cohort at Columbia walked out in solidarity with the students who were arrested" while "students put protest tents back up in the middle of campus on Monday after they were torn down last week when more than 100 arrests were made."
Yonah Lieberman, co-founder of IfNotNow, a Jewish-led U.S. group that organizes against Israel's apartheid, declared: "Solidarity with these faculty members. Shame on establishment politicians and agitators who are smearing the anti-war protest at Columbia as anything other than what it is: a courageous stand for freedom and peace."
Naureen Akhter, a founding member of the New York-based group Muslims for Progress, said: "Thank you to the professors who stood in solidarity with student protestors, who didn't give into instigators who are fanning flames of hate and division. Remember the calls are for transparency, divestment, and amnesty for students!"
Congresswoman Ilhan Omar (D-Minn.)—a critic of Israel's war on Gaza whose own daughter, Isra Hirsi, was suspended from Columbia's Barnard College last week for "standing in solidarity with Palestinians facing a genocide," as the 21-year-old junior put it—also noted the faculty walkout and "nationwide Gaza solidarity movement."
"This is more than the students hoped for and I am glad to see this type of solidarity," said Omar. "But to be clear, this about the genocide in Gaza and the attention has to remain on that."
Summary of events from the last day not related to Columbia:\n\n- Israel has not provided evidence that UNRWA staff are part of Hamas\n- A mass grave, including women/children was discovered\n- Doctors did an emergency c-section, saving a baby after an airstrikes killed her mother— (@)
The walkout in New York City followed 54 Columbia Law School professors sending a letter to administrators that states, "While we as a faculty disagree about the relevant political issues and express no opinion on the merits of the protest, we are writing to urge respect for basic rule-of-law values that ought to govern our university."
"Procedural irregularity, a lack of transparency about the university's decision-making, and the extraordinary involvement of the NYPD all threaten the university's legitimacy within its own community and beyond its gates," they wrote. "We urge the university to conform student discipline to clear and well-established procedures that respect the rule of law."
In a statement early Monday, several hours before the walkout, Columbia University president Minouche Shafik—who last week enabled NYPD arrests of students at the encampment—announced in her first statement since the sweep that all classes would be virtual "to deescalate the rancor and give us all a chance to consider next steps."
"Faculty and staff who can work remotely should do so; essential personnel should report to work according to university policy. Our preference is that students who do not live on campus will not come to campus," Shafik said. "During the coming days, a working group of deans, university administrators, and faculty members will try to bring this crisis to a resolution."
The national group Jewish Voice for Peace (JVP) on Monday accused Columbia of creating "a climate of repression and harm for students peacefully protesting for an end to the Israeli genocide against Palestinians in Gaza" over the past six months.
"Columbia University has actively created a hostile environment for students who are Palestinian or who support Palestinian freedom. Additionally, the administration's actions have made the campus much less safe for Jewish students," JVP said.
According to JVP:
Instead of listening to the calls of Columbia and Barnard students to divest from the genocide perpetrated by the Israeli government, the university has called in the NYPD to arrest students, suspended them, and even expelled them. At present 85 students, 15 of whom are Jewish, are suspended.
Yesterday's statement by the White House, like the administrators of Columbia University, dangerously and inaccurately presumes that all Jewish students support the Israeli government's genocide of Palestinians. This assumption is actively harming Palestinian and Jewish students.
The administration has not only harassed Jewish students and failed to ensure their safety and well-being, it has also obstructed their religious observances during Shabbat and prevented them from accessing their Jewish community on the eve of Passover.
While President Joe Biden's Sunday statement was officially about Passover—a Jewish holiday that begins at sundown on Monday—and not the protests at Columbia and other campuses across the country, it was widely received as a response to the latter.
Biden said in part that "we must speak out against the alarming surge of antisemitism—in our schools, communities, and online. Silence is complicity. Even in recent days, we've seen harassment and calls for violence against Jews. This blatant antisemitism is reprehensible and dangerous—and it has absolutely no place on college campuses, or anywhere in our country."
Jonathan Ben-Menachem, a Ph.D. student at the university, toldCNN that "Columbia students organizing in solidarity with Palestine—including Jewish students—have faced harassment, doxxing, and now arrest by the NYPD. These are the main threats to the safety of Jewish Columbia students."
"On the other hand, student protesters have led interfaith joint prayers for several days now, and Passover Seder will be held at the Gaza solidarity encampment tomorrow," he added. "Saying that student protesters are a threat to Jewish students is a dangerous smear."
Columbia Students for Justice in Palestine said in a lengthy statement that "we are student activists at Columbia calling for divestment from genocide. We are frustrated by media distractions focusing on inflammatory individuals who do not represent us. At universities across the nation, our movement is united in valuing every human life."
"As a diverse group united by love and justice, we demand our voices be heard against the mass slaughter of Palestinians in Gaza," the statement continues. "We've been horrified each day, watching children crying over the bodies of their slain parents, families without food to eat, and doctors operating without anesthesia. Our university is complicit in this violence and this is why we protest."
The Columbia Spectator reported Monday that Columbia College passed a divestment referendum that "asked whether the university should divest financially from Israel, cancel the Tel Aviv Global Center, and end Columbia's dual degree program with Tel Aviv University," with respective votes of 76.55%, 68.36%, and 65.62%. However, a statement from a university spokesperson signaled the referendum would not lead to any shift in campus policies.
Beyond Columbia, there are ongoing demonstrations at institutions including the Massachusetts Institute of Technology, New York University, the University of Michigan, and Yale University, another Ivy League school, where at least 47 peaceful student protesters were arrested on Monday.
Those arrested were "charged with class A misdemeanors, which is the highest class of misdemeanors in Connecticut—the same degree applies to third-degree assault," according to the Yale Daily News. Citing a university spokesperson, the student newspaper added that they "will be referred for Yale disciplinary action—which could include reprimand, probation, or suspension."
Pushing back against some administrators' statements, journalist Thomas Birmingham, who was with the Yale protesters overnight, said on social media: "Here's some things I saw... 1. Repeated and loud calls to remain peaceful. 2. Students locking arms, teaching Arabic and Hebrew, and passing around pizza and water. 3. Lots of singing."
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​Modi Slammed for 'Direct Attack on Muslims of India' in Campaign 'Hate Speech'
"Modi's rhetoric against Muslims is extremely divisive and dangerous," warned one critic. "It would only fuel more hate and violence against the already battered community."
Apr 22, 2024
Critics on Monday condemned far-right Indian Prime Minister Narendra Modi for what one group called a "hateful and dangerous" campaign speech in which he claimed that Muslim "infiltrators" would steal Indians' wealth if the opposition wins parliamentary elections that began last week.
Speaking to supporters at a rally in the western state of Rajasthan on Sunday, Modi said that the manifesto of the opposition Indian National Congress (INC) party details how to calculate "the amount of gold that mothers and sisters have" so that it can be redistributed to Muslims.
"When they were in power, they said Muslims have first right over resources," the prime minister claimed out of context. "They will gather all your wealth and redistribute among those who have more children. They will distribute it among infiltrators. Do you think your hard-earned money should be given to infiltrators? Would you accept this?"
Prime Minister Narendra Modi's rhetoric against Muslims is extremely divisive and dangerous. It would only fuel more hate and violence against the already battered community. pic.twitter.com/KT36FVpS6u
— Raqib Hameed Naik (@raqib_naik) April 21, 2024
Members of Modi's ruling Bharatiya Janata Party (BJP)—which does enjoy the support of a significant number of Indian Muslims—have often portrayed Muslims as outsiders. BJP officials have also pushed a baseless conspiracy narrative roughly analogous to U.S. white supremacists' "great replacement" theory, in this case positing that Muslim migrants and rapidly reproducing Indian Muslims will eventually outnumber Hindus—who make up around 80% of the country's 1.4 billion people.
Modi's remarks came a day after India's seven-step election of 543 members of the Lok Sabha, or lower legislative house, began. Modi is running for a third consecutive term. He's being challenged by INC President Mallikarjun Kharge, leader of the opposition in the Rajya Sabha, the upper legislative house. Results will be announced on June 4.
Kharge responded to Modi's remarks by blasting the "panic-filled" address as "not only a hate speech but also a well-thought-out ploy to divert attention" by the prime minister, the BJP, and Rashtriya Swayamsevak Sangh (RSS)—a fascist-inspired political and paramilitary movement whose brand of Hindu supremacy heavily influenced the rise of the BJP.
"Lying for power, making baseless references to things, and making false accusations on opponents is the specialty of the training of RSS and BJP," Kharge said, adding that Indians "are no longer going to fall prey to this lie."
Indian journalist and
Washington Post opinion columnist Rana Ayyub said on social media that "this is not a dogwhistle, this is a targeted, direct, brazen hate speech against a community."
Thousands of Indians petitioned the country's Election Commission seeking punitive action against Modi.
"The prime minister, while campaigning... made a speech on April 21 in Rajasthan that has disturbed the sentiments of millions of Constitution-respecting citizens of India," one petition states. "The speech is dangerous and a direct attack on the Muslims of India."
Muslim groups around the world also slammed Modi's speech, which the U.S.-based Council on American Islamic Relations (CAIR) called "hateful and dangerous."
"It is unconscionable, but not surprising, that far-right Hindutva leader Narendra Modi would target Indian Muslims with a hateful and dangerous diatribe despite his role as the leader of a nation with such a diverse religious heritage," said CAIR national executive director Nihad Awad.
"We again call on the Biden administration to declare India a 'country of particular croncern' over its discriminatory and violent policies targeting Muslims and other religious minorities," Awad added. "Global Islamophobia is alive and well in India and must be confronted before it escalates to something even worse."
South Asia historian Audrey Truschke, a professor at Rutgers University in New Jersey, accused Modi of "straight-up fascism."
"Modi had a history of encouraging mass violence against Muslims," Truschke added. "So we should all take his words seriously."
Modi was chief minister of the western state of Gujarat in February 2002 when a train full of Hindu pilgrims was set ablaze, killing 58 people. The cause of the disaster remains disputed, but Modi was quick to blame Muslims for the fire. In a three-day paroxysm of intercommunal bloodletting, Hindu mobs murdered at least hundreds—and perhaps thousands—of Muslim men, women, and children. Many women and girls were raped. More than 250 Hindus were also killed during what came to be called the Gujarat riots, during which an estimated 150,000 people were also forcibly displaced.
A team sent by the British government concluded that Modi was "directly responsible for a climate of impunity" that enabled the pogrom. However, a special investigation commissioned by the Indian Supreme Court cleared him of complicity in 2012. Modi's alleged role in the massacre led to a U.S. visa ban during the George W. Bush administration that was lifted during the tenure of former President Barack Obama after Modi became prime minister.
Deadly violence against religious minorities and others has increased during BJP rule. And while the U.S. State Department has perennially criticized the Indian government's human rights record, Modi was courted by both the Trump and Biden administrations. Last year, the White House literally rolled out the red carpet for Modi, who was lavishly feted by President Joe Biden and invited to speak before a rare joint session of Congress. Several progressive lawmakers boycotted the address.
Earlier this year, Progressive International's (PI) executive body used Modi's consecration of a highly controversial Hindu temple on the former site of a 16th-century Muslim mosque destroyed by a Hindu nationalist mob as an opportunity to issue a warning about the accelerating erosion of democracy in India.
"The Modi government has made a decisive move to overthrow India's secular constitution in the name of a new Hindu supremacist nation," PI's statement asserted. "As prime minister, Modi has pushed this Hindu nationalism as India's dominant political force: banning the hijab in schools, introducing 'anti-conversion' laws, abusing municipal forces to demolish Muslim households and shops in cities, and pushing for a 'uniform civil code' in law."
Anti-Muslim speech has also increased dramatically in India, according to a report published earlier this year by the U.S.-based India Hate Lab. The publication detailed 668 incidents in 2023—75% of which occurred in BJP-ruled states.
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Liberal Justices Grill Attorney in Supreme Court Case on Criminalizing Homelessness
"Where are they supposed to sleep? Are they supposed to kill themselves not sleeping?" asked Justice Sonia Sotomayor of unhoused people who have been barred from sleeping outside in Grants Pass, Oregon.
Apr 22, 2024
As housing rights advocates and people who have been unhoused themselves rallied outside the U.S. Supreme Court Monday to demand an end to the criminalization of homelessness, the court's three liberal justices demanded to know how the city of Grants Pass, Oregon can penalize residents who take part in an act necessary for human survival—sleeping—just because they are forced to do so outside.
After an attorney representing Grants Pass, Thomas Evangelis, described sleeping in public as a form of "conduct," Justice Elena Kagan disputed the claim and reminded Evangelis that he was presenting a legal argument in favor of policing "a biological necessity."
"Presumably you would not think that it's okay to criminalize breathing in public," said Kagan, who was appointed by former President Barack Obama. "And for a homeless person who has no place to go, sleeping in public is kind of like breathing in public."
Evangelis is representing the city in Grants Pass v. Johnson, a case stemming from a 2018 lawsuit filed by an unhoused woman, Debra Blake, who accused officials of "trying to run homeless people out of town."
"On any given day or night, hundreds of individuals in Grants Pass, Oregon, are forced to live outside due to the lack of emergency shelter and affordable housing in their community," the original lawsuit stated.
The city has passed ordinances banning people from sleeping or camping on publicly owned property, with violators subject to fines of hundreds of dollars.
A lower court ruled that the city's bans were in violation of the Eighth Amendment, which bans excessive fines and cruel and unusual punishment, "when there was no other place in the city for [unhoused persons] to go."
The city's only homeless shelter, Gospel Rescue Mission, has 138 beds, and the plaintiffs have said there is frequently no room for many of the hundreds of unhoused people in Grants Pass.
On Monday, Justice Sonia Sotomayor appeared inclined to agree with the plaintiff in the original lawsuit who claimed Grants Pass ultimately wanted unhoused people to leave the city. She pointed to comments city officials have made about their aim "to remove every homeless person and give them no public space."
"Wasn't Grant Pass's first-attempt policy choice to put people, homeless people, on buses so they would leave the city?" she asked Deputy United States Solicitor General Edwin Kneedler. "Police officers would buy them a bus ticket, send them out of the city. But that didn't work because people came back because it had been their home... So then they passed this law, and didn't the City Council president say, 'Our intent is to make it so uncomfortable here that they'll move down the road,' meaning out of town, correct?"
Kneedler acknowledged that the statement was made at a City Council meeting.
"Not only is [sleeping] something that everybody engages in, but it's something that everybody has to engage in to be alive," Kneedler said in response to a question from Justice Ketanji Brown Jackson. "So if you can't sleep, you can't live, and therefore by prohibiting sleeping, the city is basically saying you cannot live in Grants Pass."
The city argued in its case that prohibiting local officials from regulating and banning homeless encampments in public places would cause more people to sleep outdoors—an argument U.S. Rep. Cori Bush (D-Mo.), speaking at the rally outside the court, said exposed "how absurd our country's approach to the unhoused crisis is."
"Instead of enacting real solutions to the unhoused crisis, Grants Pass has taken this case all the way to the Supreme Court and is calling for the court to overturn a landmark decision from 1962 that says the government cannot punish people based on status. So we're here today to demand the Supreme Court support humanity, adhere to constitutional precedent, and protect the rights of our unhoused neighbors," said Bush, who has spoken about previously being unhoused herself and sponsored related legislation.
"A person should never be punished for not being able to afford rent or a home," Bush added. "A person should never be punished for sleeping outside or in a car when they have no other place to go. A person should never be punished for simply existing. We need universal housing, universal housing vouchers, and a permanent federal rental assistance program—these are all tangible steps that would actually solve this crisis."
The case arrived at the high court four months after the U.S. Department of Housing and Urban Development released annual data showing a 12% increase in homelessness last year from 2022, largely due to a sharp rise in the number of people who were without housing in 2023 for the first time in their lives. Experts often argue the federal figures are an undercount.
On Monday, the Eviction Lab at Princeton University released new data showing that in 25 of the 32 cities it analyzed, an increase in eviction filings was seen between 2022-23.
"The country lacks millions of units of affordable rental housing, and in those units that are available, a record number of tenants are paying well beyond their means," reported the Eviction Lab. "High interest rates prevent younger, middle-class renters from buying homes, which in turn increases demand in the rental sector."
Considering the dynamics contributing to a growing unhoused population, Sotomayor asked of people facing homelessness in Grants Pass: "Where are they supposed to sleep? Are they supposed to kill themselves not sleeping?"
The conservatives on the Supreme Court, who make up the majority, signaled a willingness to rule in favor of the city, with Chief Justice John Roberts acknowledging that the case is centered on "a policy problem because the solution, of course, is to build shelter to provide shelter for those who are otherwise harmless," but noting that "municipalities have competing priorities."
The answer to the questions being asked at the Supreme Court Monday "is not complicated," said Rep. Delia Ramirez (D-Ill.). "Unhoused people need housing. Housing is the answer. Housing NOT Handcuffs."
Ramirez repeated a phrase that was seen on many signs held by rally attendees, who included the national grassroots economic justice group VOCAL and organizers with the Southern Poverty Law Center (SPLC) and the National Homelessness Law Center (NHLC).
"What the Supreme Court decides in this case will say a lot about what kind of country we are and what country we want to be," said Efrén Olivares, director of strategic litigation and advocacy at the SPLC. "We demand a future without policies like the one before the court and a government that instead works to ensure that the right to affordable housing is guaranteed for all."
A ruling in the case is expected in June.
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