You’ve probably seen the news already that the Supreme Court issued a ruling that hampers the EPA’s ability to regulate greenhouse gas emissions. The analyses so far point out that it could have been much worse, but the ruling may still have a chilling effect on various federal agencies’ willingness to take new modes of action to regulate greenhouse gas emissions.
As Stop the Money Pipeline steering committee member Dallas Goldtooth of Indigenous Environmental Network put it, “However, these decisions do not prevent President Biden from taking executive action to stop the expansion of fossil fuels and declaring a climate emergency. We will continue to protect Mother Earth, defend our rights and confront interests who seek to destroy our futures.”
Federal Reserve chair Jerome Powell and Treasury Secretary Janet Yellen – both appointed by President Biden – are the most powerful decision makers in the country when it comes to what we call “climate finance regulation” or “climate finreg.” Yellen and Powell have the power to regulate Wall Street’s investments in dangerous and climate-denying fossil fuel companies that have a chokehold on our economy. But only if Congress puts pressure on them.
Last September, 20 House Democrats introduced the Fossil Free Finance Act, which would require the Federal Reserve Bank to take steps to stop banks from investing in fossil fuel production.
Just last week, the International Energy Agency warned that today’s oil and gas spending is too high for a pathway aligned with limiting global warming to 1.5°C. Climate-related weather disasters cost the US economy more than $145 billion in 2021. Over the last five years, they have cost $750 billion.
In solidarity,
– Jackie, Stop the Money Pipeline Team
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