John –
Like you, I don’t need any more convincing on the urgency of our climate crisis. The disastrous impacts of climate change have not only begun, they’re all around us. We’ve missed the chance to prevent the heat waves, wildfires, massive floods and other extreme weather events that are hammering communities all over the world. But it’s not too late to keep it from getting a lot worse.
The Intergovernmental Panel on Climate Change’s (IPCC’s) most recent report on the mitigation of climate change makes this clear. We can still preserve a planet that can at least be inhabited by our kids and future generations. IF we take bold action now.
But all we hear is how the political cards are stacked against us: a divided Congress; a Republican Party that has embraced climate denial and is beholden to the fossil fuel industry; a coal-rich Senator who won’t provide the 50th vote on a huge package of climate investments pending in the Senate.
But John, it turns out there is something big and impactful that we can do right now. Despite our lofty climate goals, the US and many of our western allies belong to international financial institutions like the World Bank and International Monetary Fund that invest many billions of dollars each year in global development projects, including in the energy and transportation sectors. Amazingly, these institutions continue to pump money into fossil fuel infrastructure and transportation projects that depend on fossil fuels. Instead of helping developing countries achieve a clean energy future, they’re digging the climate hole deeper.
The amount international financial institutions (IFIs) invest in clean energy pales in comparison to the amount invested in fossil-dependent projects that increase carbon pollution.
I was proud to visit with European ministers and members of parliament last month in Germany, where I not only urged them to accelerate their transition to clean energy in response to Putin’s war in Ukraine; I also suggested they partner with the United States to reform the IFI’s we jointly govern - and end the financing of projects that develop or depend on fossil fuels. The responses I got were encouraging.
We could do this now – with the Biden administration’s leadership, working with our allies, and without an act of Congress. But I’m also authoring a bill with Senator Jeff Merkeley (D-OR) to compel American representatives on these ISI’s to do the right thing.
Sign on if you agree we have to work with global partners to make these international financial institutions part of the climate solution – and we have to do it now!
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As one of the largest shareholders at the IFIs, the U.S. not only has significant influence to push the institutions to end their support for fossil fuel investments: We have an obligation to do so.
Swift, bold action to build progressive alliances abroad and to hold major climate-harming international actors accountable would result in a notable impact on total greenhouse gas emissions.
I’ll keep working with allies across the Atlantic and around the world on climate solutions we can pursue together, even if the U.S. Senate continues to drag its feet. In fact, next week I’ll be heading to the UN OCEANS conference to mobilize action for the conservation and sustainable use of oceans and marine resources. This work is so important that we can’t rest, and we can’t take no for an answer.
I need you to stand with me in this fight before it’s too late to protect our communities and planet. Will you add your name right away to call for international action against the climate crisis?
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We must take a stand and demand that our financial institutions stop investing in our planet’s destruction, end financing for fossil fuels, and instead prioritize investments in clean, sustainable alternatives.
Thanks for all you do,
Jared
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Congressman Jared Huffman represents California's 2nd District, which spans from the Golden Gate Bridge north to the Oregon border. As a Democratic leader, Jared is committed to protecting our environment, fighting for access to affordable healthcare and equality for all Americans. Click here to support Jared's campaign with a contribution today, or sign on to become a sustaining supporter by making a monthly contribution.
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