The climate crisis is here. Pass the Fossil Free Finance Act S. 1138 / HR 2443.

I’m writing to you as a constituent to encourage you to cosponsor the Fossil Free Finance Act (S. 1138 / HR 2443). The climate extremes this summer have been terrifying. I am afraid for my health and well-being and the devastating future that our children and coming generations will face if we don’t innovate quickly. I hope that you and your loved ones were able to stay safe this summer. But so many others were not. These impacts will only get worse if we keep investing in the companies responsible for the climate crisis. Last year alone, the big banks poured $673 billion into fossil fuel companies and dirty energy projects! That’s why we need the Fossil Free Finance Act, which will require big banks to stop financing greenhouse gas emissions and the expansion of polluting energy projects. We know what more investments in fossil fuels looks like: more heatwaves, floods, wildfires, and smoke-filled skies. The Fossil Free Finance Act would require that all banks holding more than $50 billion in assets reduce financed emissions by 50% by 2030 and cease financing emissions by 2050. The legislation would require banks to align financing with science-based emission targets, prioritize withdrawing funding from companies and projects that have a disproportionate negative impact on low-income and minority communities, and prioritize lending to companies that provide benefits to workers impacted by the transition to a clean energy economy. We need significant reductions in fossil fuel emissions to prevent further climate catastrophe. When big banks keep funding fossil fuel companies, their risky bets threaten our economy and climate progress as many of these projects will become worthless stranded assets and taxpayers will face bailing out banks yet again. Furthermore, the costs of climate disasters are growing every year - in financial terms and in lives lost. The Fossil Free Finance Act has 19 co-sponsors and is endorsed by 64 organizations. I urge you to join as a co-sponsor to help reduce the financial risks of fossil fuel investments and accelerate investments in transitioning to clean energy jobs and climate adaptation. Thanks.