Tag Archives: International Energy Agency

House Dems Unveil Bill to Stop Wall Street From Destroying the Planet

“The Federal Reserve’s role is not to surrender our planet to corporate polluters and shepherd our financial system to its destruction,” said Rep. Rashida Tlaib, among the Democrats urging the Fed to end fossil fuel financing.

By Kenny Stancil, staff writer for Common Dreams.  Published 9-15-2021

The Marathon Oil refinery in St. Paul Park, MN. Photo: Tony Webster/Wikimedia/CC

Progressives on Wednesday applauded Democratic Reps. Mondaire Jones, Ayanna Pressley, and Rashida Tlaib for unveiling a bill that would prevent Wall Street from continuing to bankroll fossil fuels, the primary driver of the climate emergency.

The Fossil Free Finance Act (pdf) would require the Federal Reserve to mandate, via regulation or guidance, that all banks and other financial insitutions with more than $50 billion in assets phase out the funding of coal, oil, and gas extraction as well as industries linked to deforestation, in accordance with science-based targets for slashing carbon pollution. Continue reading

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‘This Is Climate Denial’: Biden Goes to Bat for Massive Alaska Drilling Project Approved Under Trump

“Burning that oil would create nearly 260 million metric tons of CO2 emissions—about the equivalent of what is produced by 66 coal-fired power plants.”

By Jake Johnson, staff writer for Common Dreams. Published 5-27-2021

A map showing the location of the Willow Master Development Plan. Graphic: Bureau of Land Management

The Biden administration is facing backlash from climate activists and scientists after filing a court brief Wednesday in defense of a major Trump-era Alaska drilling project that’s expected to produce up to 160,000 barrels of oil a day over a 30-year period—a plan that runs directly counter to the White House’s stated goal of slashing U.S. carbon emissions.

“This is a complete denial of reality,” said Jean Flemma, director of the Ocean Defense Initiative and former senior policy adviser for the House Natural Resources Committee. “The project is expected to produce about 590 million barrels of oil. Burning that oil would create nearly 260 million metric tons of CO2 emissions—about the equivalent of what is produced by 66 coal-fired power plants.” Continue reading

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