Gabby Brown, gabby.brown@sierraclub.org, 914-261-4626
Jamie Henn, jamie@jamiehenn.com, 415-890-3350
Washington, D.C. -- As Senate Democrats prepare to host a hearing tomorrow on the “Economic and Financial Risks of Climate Change,” activists around the country are busy preparing for a major day of action to protest Wall Street’s ongoing financing of fossil fuels and deforestation.
Tomorrow’s hearing will be hosted by Senator Sheldon Whitehouse (D-RI) and the Senate Democrats’ Special Committee on the Climate Crisis. Senators will hear from witnesses who will discuss how climate change is expected to affect the financial sector and overall economy.
“Climate change is not only an existential threat to our planet, it threatens a financial crisis equal to or even greater than the one we saw in 2008. And US financial firms are exacerbating that risk by continuing to invest in very industries causing this crisis: fossil fuels and forest-risk commodities. It’s crucial that lawmakers take action to protect our planet and our financial system,” said Moira Birss, Climate and Finance Director at Amazon Watch.
The hearing is part of a growing conversation on Capitol Hill and out on the campaign trail about the importance of regulating Wall Street on climate. Before dropping out of the presidential race last week, Senator Elizabeth Warren (D-MA) introduced a comprehensive plan aimed at addressing not only the risks that climate change poses to financial institutions, but the ways in which financial institutions endanger the climate. Financial policy experts have published several papers demonstrating the risks posed by financial institution’s investments in fossil fuels and the urgent need for policymakers to mitigate those risks.
The action isn’t just inside the Beltway, however. Members of the Stop the Money Pipeline Coalition have been hosting numerous protests across the country at financial targets, from disrupting speeches by JP Morgan Chase CEO Jamie Dimon to organizing protests outside offices of Blackrock and Liberty Mutual. Meanwhile, the fossil fuel divestment movement has continued to notch up a series of impressive wins, with major institutions like Georgetown University pledging to go fossil free. Activists are pledging a ramp up of activity throughout the spring to turn up the heat on the financial sector.
"On Capitol Hill and across the country, there's a growing recognition that Wall Street has a critical role to play in either mitigating the climate crisis or continuing to make it worse," said Sierra Club campaign representative Ben Cushing. "We're glad to see Senate Democrats take steps to hold the financial industry accountable, and we'll be working in the coming months to keep up the pressure."
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with more than 3.5 million members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.