Jeanne –
Last week, we emailed you about a historic announcement from Europe’s central bank.
For the first time ever, the European Central Bank is adding climate to their considerations — as one of the most influential central banks in the world, this is a crucial win and further proof of what we all know: the era of fossil finance is coming to an end.
But here’s the bottom line, Jeanne: We’re in a climate emergency. The time for weak climate measures and false solutions is over.
If we want to limit warming to 1.5 degrees, central banks like the Federal Reserve must end fossil fuel financing and invest in tackling the climate crisis.
The good news is that President Biden has the opportunity to follow the lead of central banks across the world, starting by appointing a new Federal Reserve Chair who’s committed to climate action at the end of Chairman Jerome Powell’s term later this year.
In solidarity,
Team 350
This is huge, Jeanne.
Last week, the European Central Bank (ECB) announced it will incorporate climate into its policy-making decisions across Europe.1
As one of the world’s most influential central banks, this precedent-setting move sends a strong message to other banks and financial institutions around the world: the era of fossil finance is coming to an end.
It’s past time for our central bank in the U.S. – the Federal Reserve – to wake up to the direction that central banks like ECB are headed and cut off financing for fossil fuels. That’s where you come in, Jeanne:
We need to put as much pressure as possible on the Federal Reserve in the wake of this ECB announcement. Will you send a message to President Biden demanding that he appoint a Federal Reserve Chair who is committed to stopping the flow of money to fossil fuel projects?
While the ECB must go further to meet the demands of this crisis, this announcement is a huge milestone that will have ripple effects across the world.
This victory proves once again that consistent organizing works. Activists led by 350 Europe have been targeting the European Central Bank and its President Christine Lagarde for 18 months with protests, petitions, open letters, and more demanding that the bank drops its own fossil fuel assets, and sets rules for private banks to cut the flow of finance to fossil fuels. This win belongs to them and we’re extremely grateful and proud.
Now it’s time that we in the United States follow their lead. This summer, we’re launching an all-out campaign calling on the Federal Reserve to cut off financing for fossil fuels, and we’re going to need your help.
If the goal of the Fed is to manage “risk” to our economy – there simply is no greater threat than climate collapse.
Let’s do this,
Brett Fleishman
Director of Fossil Finance Campaigns
350.org
1 – ECB
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