[ [link removed] ]350.org

 

 



John -

As we dive into the new year, we wanted to look back and reflect on some
of our incredible wins from 2022.

Here’s just some of what you helped accomplish this year to stop fossil
fuel infrastructure, cut off the flow of funds to fossil fuels, and invest
in climate justice:

We passed a historic climate bill in Congress

In August, Congress passed the Inflation Reduction Act (IRA) — a climate
and energy bill worth $369 billion dollars that opens huge doors for the
climate movement.

We won massive investments in accelerating the transition to renewable
energy, speeding up the U.S. economy’s fossil free transition, and
significantly reducing emissions. This bill will:

👷‍♀️ Create up to 9 million jobs in clean energy, clean manufacturing, and
green transportation
🌎 Reduce greenhouse gasses by 40% by 2030
💰Dedicate $60 billion for environmental justice in communities hardest hit
by climate change and fossil fuels
☀️ Allocate $369 billion to reduce America’s greenhouse gas emissions and
invest in renewable energy sources
📈 Lengthen the tax credits for green energy projects from two to ten years
to ensure steady growth in the wind and solar industry
🔌 Provide incentives for consumers to buy electric vehicles

We know the bill is far from perfect, and we've got lots of work ahead of
us. However, this step forward is a clear indicator that our
movement-building is working. 2023 will be all about how we implement the
IRA in a just and equitable way that creates millions of new jobs in
renewables and shows a path forward with real climate solutions.

We defeated Manchin’s dirty deal for the third time

Earlier this year, Senator Joe Manchin proposed a bill that would require
the Interior Department to sell at least 2 million acres of our public
lands and 60 million acres of offshore waters for oil and gas leasing each
year for a decade.

It would also make it easier to build fossil fuel projects – allowing
big-polluting oil and gas companies to more easily force through dirty,
dangerous fossil fuel projects in any neighborhood and community where
they want to build them, limiting the voice of the public in the process.

Following the lead of frontline and grassroots groups, we made calls and
signed petitions and successfully stopped this bill that would have
undermined our bedrock environmental laws, fast-tracked fossil fuels,
sacrificed frontline communities, and endangered public health.

We held the Federal Reserve accountable for allowing fossil fuel finance

Each year, officials from the Federal Reserve (along with influential
bankers, asset managers, and government officials) gather for the Jackson
Hole Economic Policy Symposium in Wyoming. The event sets important policy
goals and has a huge ripple effect across the entire global financial
system.

From August 25 to 28, we showed up at the meeting with our partners at 350
Colorado to peacefully demand action. Our goal was to tell the leaders at
the Symposium that finance policy and the Fed have to do more to protect
the climate, recognize the critical risk fossil fuel investments pose to
our economy, and get on board with the imperative to keep warming under
1.5° Celsius.

[ [link removed] ]Photos from Jackson Hole actions

The Federal Reserve is supposed to protect the stability of the U.S.
economy and the financial well-being of all Americans, and there’s no
bigger threat to our economy than the worsening impacts of the climate
crisis.

Thanks in part to our efforts, in September, the Federal Reserve announced
its plans to perform an analysis of climate change financial risks next
year, and are working on ways for banks to “identify, measure, monitor,
and manage the financial risks of climate change."^1

[ [link removed] ]Reuters Headline: U.S. Fed is reviewing capital rules, plans 2023
climate tests -new regulation chief

We celebrated some major wins at COP27

Some of these victories include:

– President Biden pledging $100 million to the Adaptation Fund

– The final COP27 agreement including the creation of a fund for losses
and damages from the climate crisis, and the U.S. committed to support it

That has never happened before and is the direct result of the pressure
from the most impacted nations and our global climate movement. At the
start of COP, the U.S. was reluctant to commit to loss and damage funding
– but because of our movement and the leadership of advocates in the
Global South, they committed to the historic Loss and Damage Fund.^2

[ [link removed] ]Youth climate activists march at COP27 in Sharm El-Sheikh.

Youth climate activists march at COP27 in Sharm El-Sheikh.

In 2023, we must hold Biden accountable and demand that the U.S. fulfill
its climate finance pledges immediately.

We got 5 new banks and a major PR firm to pull out of EACOP

French oil giant, TotalEnergies, is attempting to build the world’s
longest crude oil pipeline right through the heart of Uganda and Tanzania
– the East African Crude Oil Pipeline (EACOP).

In May 2022, the #StopEACOP movement celebrated another batch of victories
when five banks including Deutsche Bank, Citi, JPMorgan Chase, Wells
Fargo, and Morgan Stanley (and some major insurance companies) all said
they wouldn’t fund EACOP.

This takes the number of banks who have rejected EACOP project loans to 20
and the number of insurers who’ve rejected to eight. The list of banks
who’ve rejected the project includes seven of Total’s ten largest lenders.
In addition, Total lost a major business relationship with the huge U.S.
PR firm, Edelman, over EACOP.

[ [link removed] ]Stop EACOP projected on side of JPMorgan building

After one of the most powerful U.S. insurance brokers, Marsh McLennan,
announced that they are trying to help get this pipeline over the finish
line by finding insurance for the project, 350 U.S. launched a campaign
calling on the CEO to drop their involvement. In 2023 we will continue to
put pressure on Marsh to drop EACOP.

There is so much more work to be done, but all of our progress thus far
proves that together, we can stop this project for good.

[ [link removed] ]We know there were many other victories across the country and the
globe! If you have one you want to share, you can share your climate
victory with us here.

[ [link removed] ]Share your climate wins »

Thank you for being part of this crucial work. We couldn’t do it without
you.

In solidarity,

- Team 350



1 - [ [link removed] ]Reuters
2 - [ [link removed] ]The Guardian


 




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