Grow Finance and Policies for Clean Energy
Force finance into our communities and win policies to support all of us
Banks, private equity firms, insurance companies, development banks, governments, and other big financial players should be taking money out of fossil fuel projects hurting our communities and instead investing in clean energy finance — directly providing funding for renewable energy projects, like wind and solar. These financial players should be directly supporting and financing a just transition, which will be good for their bottomline, but more importantly, it’d be good for our communities. Around the world, public and public financial institutions are increasing their investments in clean energy, with packages and policies like the Inflation Reduction Act, RePowerEU, and other governmental programs. But, we need more of these types of policies and packages, and to achieve that, we need to win more funding from private and public institutions. We’re fighting for finance into cheaper electricity bills, energy efficient appliances, solar panels on schools and homes, community owned solar and wind projects, and good union jobs through a just transition.
Big finance is funding fossil fuels -- but should be financing our renewable future.
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Banks
Banks are backing the fossil fuel industry: in 4 years, the world’s 60 largest banks invested $3.8 trillion into fossil fuel projects and companies. While many of us do our part to slow climate change, banks use our money to prop up the very companies making climate change worse. Banks should stop funding fossil fuels and instead fund our communities and renewable energy.
Investors
Real climate action from investors is more pressing and important than ever. More often, we’re seeing climate-fuelled extreme weather events debilitating communities across the world and leaving death and destruction in their wake. If climate chaos, enabled by the investment industry, is allowed to wreak havoc on this world, shareholders will have a lot more to worry about than just their profits drying up. Shareholders should be demanding more clean energy policies and financing.
Insurance Companies
The fossil fuel industry depends on insurance coverage for building and maintaining its coal mines, power plants and pipelines. Insurance companies are supposed to protect us from catastrophic risks. Yet when it comes to the largest threat to humanity – climate change – insurers are perpetuating dependence on fossil fuels by insuring new coal, oil, and gas projects.