Banking for Climate is an initiative of high net-worth individuals and families working together to encourage major banks to phase out financing for the fossil fuel industry.
THE PATH TO COOL THE PLANET
Greenhouse gas emissions from burning fossil fuels are the key driver of climate change. According to scientists of the 2018 IPCC report, we have a short 10 year window to shift course if we want to mitigate climate change catastrophes. Extreme weather events like heat waves, droughts, hurricanes and fires are becoming more frequent and more powerful. Sea levels are rising faster than predicted.
The United States is the second highest carbon emitter in the world, but there is no federal policy in place to address this crisis.
FINANCING FOSSIL FUELS
Funding the search for new fossil fuel sources and new infrastructure such as pipelines, Liquid Natural Gas (LNG) export terminals, gas, petrochemical and plastic plants lock our economy into burning fossil fuels for decades to come. It keeps fuel prices low. Conversely, when capital is harder to raise, projects are more expensive and timelines are delayed. They become too risky and are often abandoned.
Renewable energy is repeatedly pricing cheaper than coal and natural gas. Reductions in fossil fuel lending would make these differences clearer and would further stimulate the growing clean energy economy.
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