Center for American Progress

EVENT: Wall Street’s Carbon Bubble: U.S. Financed Emissions and the Mandate to Curb Fossil Fuel Financing

EVENT: Wall Street’s Carbon Bubble: U.S. Financed Emissions and the Mandate to Curb Fossil Fuel Financing

Washington, D.C. — During the U.N. Climate Change Conference (COP26), financial institutions and governments all over the world made unprecedented pledges and commitments to reduce financed emissions and begin to address climate-related financial risk. Now that the dust has settled, the real work of implementing these commitments begins. What will this mean for the Biden administration? Will President Joe Biden’s financial regulators endeavor to rein in banks and other financial institutions that continue to fund fossil fuels and other high-carbon-emitting industries or leave the U.S. economy and financial system at risk of another crisis?

Please join the Center for American Progress and Sierra Club for the launch of important new research revealing the enormous size of carbon emissions financed by the largest banks and asset managers in the United States and a discussion of actions the Biden administration can take to curtail this problem before the carbon bubble bursts. According to Bloomberg, Wall Street has a “$22 Trillion Carbon Time Bomb” that risks jeopardizing financial health of all firms that continue to finance carbon-intensive industries. While existing data already demonstrate the outsize role that U.S. financial institutions play in financing high-carbon-emitting industries globally, this research provides important detail to illustrate the current scope of the problem. Additionally, the report outlines the necessary role that financial regulators must play in driving change within the U.S. financial sector.

If you have questions for our panel, please submit them on Twitter using the hashtag #WallStreetsCarbonBubble or via email.

WHO:

Distinguished speakers:
Caroline A. Crenshaw, commissioner, U.S Securities and Exchange
Rep. Rashida Tlaib (D-MI)
Sen. Jeff Merkley (D-OR)

Moderator:
John Podesta, founder and chair of the board of directors, Center for American Progress

Research presentation:
Ben Cushing, campaign manager for Fossil-Free Finance, Sierra Club

WHEN:

Dec 14, 2021
11:00 AM – 12:00 PM EST

WHERE:

You must RSVP to watch the livestream event by clicking this link. An email will then be sent with instructions on how to watch.

Closed-captioned-enabled video will be posted following the conclusion of the event.

For more information or to speak to an expert, contact Julia Cusick at jcusick@americanprogress.org.