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This is big. @ewarren is the first candidate with a climate plan invoking Dodd-Frank - possibly the most powerful climate legislation ever passed - to rein in fossil fuel finance. Let’s explore the bold, beautiful details of her latest, greatest plan 🧵 medium.com/@teamwarren/st…
@ewarren (1/n) First did you know she already had 13 climate plans? 13! But we needed one more because financial institutions can't freely underwrite fossil fuels, or self regulate. We need real regs if we're going to solve this. Who better to write them than the creator of CFPB?
@ewarren (2/n) Why Dodd-Frank? Because climate is a systemic risk that threatens the financial system as a whole. That unlocks the Dodd-Frank powers of financial regulation for the next administration. Best part - it’s climate legislation that has already passed rooseveltinstitute.org/how-dodd-frank…
@ewarren (3/n) Dodd-Frank tools can be expansive. If Warren designates institutions as “systemically important” (SIFI) they’re in for everything from disclosure, to stress testing to increased capital requirements. Hell, even outright caps & divestment vox.com/energy-and-env…
@ewarren (4/n) Speaking of divestment Warren calls for public pensions to divest to protect workers from transition risk. It's about time we stopped burning retirement savings in the fossil fuel dumpster fire. Don’t forget US Thrift is the largest defined contribution plan in the world
@ewarren (5/n) But it’s not just pension divestment Warren is after. She’d redefine fiduciary duty by pushing the SEC and DOL to declare carbon-intensive investments inconsistent w/ fiduciary duty. A major reversal from the trump era w/systemic impacts bakermckenzie.com/en/insight/pub…
@ewarren (6/n) Warren also has insurers in her sights. She'd force disclosure of fossil fuel premiums and investigate & potentially limit insurance for new fossil expansion when homeowners impacted by climate are simultaneously being denied coverage truthdig.com/articles/insur…
@ewarren (7/n) Warren also understands international cooperation is vital. That’s why she’ll advocate to join the @NGFS_ to coordinate with a growing network of central bank allies. Remember the federal reserve is a key actor unleashed by Dodd-Frank to deal with the climate crisis
@ewarren @NGFS_ (8/n) To make all this happen she understands personnel are policy. There’s an alphabet soup of arcane financial regulators you’ve never heard of. She’ll staff everyone from Treasury to FDIC w/ climate hawks because details matter. This is maybe my favorite part
@ewarren @NGFS_ (9/n) All in all, this plan is groundbreaking. It recognizes finance policy is climate policy. It's the 1st time a major candidate has proposed using Dodd-Frank for climate. Most telling: campaign cranked it out the weekend before Super Tuesday. That’s the @jayinslee in them 🙌
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Justin Guay
@Guay_JG
ICYMI @blackrock shook the finance world w/a big new climate announcement that largely ignored the Passives Problem. @sunriseoz wrote a paper to shed light on the biggest climate finance problem no one is talking about 🧵sunriseproject.org.au/wp-content/upl…
@blackrock @sunriseoz First thing you need to know. Passive index investing has grown dramatically over the past decade overtaking actively managed funds for the first time last year. A trend that has accelerated markedly since the last financial crisis
@blackrock @sunriseoz Put simply, this trend is putting the economy on autopilot ensuring fossil fuels a steady stream of capital & influence at exactly the time we need to actively manage a transition away from a climate cliff. But it's even more complicated & insidious. Here’s our 4 part definition
Read 14 tweets
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Justin Guay
@Guay_JG
A new year is around the corner. Time to make some predictions about how financial institutions will respond to the growing threat climate change, stranded assets, and eroding social license will pose. 🧵
(1/n) The financial exodus from coal accelerates: There are now 116 globally significant financial institutions with a coal policy. In 2019 over 35 new or improved policies were announced. In 2020 > 40 new or improved policies will be put in place ieefa.org/ieefa-update-g…
(2/n) UK banks dirty coal secret ends: Since Paris UK banks have lent 25 billion to global coal expansion. The UK hosts #COP26 and won’t want a skunk at the Garden party. In 2020 @HSBC @StanChart @RBS & @Barclays will revise policies to end coal 💵google.com/amp/s/unearthe…
Read 14 tweets
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Justin Guay
@Guay_JG
Few people know just how large and important BlackRock has become to the financial system. Even less realize it’s a driving force behind the climate emergency. It’s AGM is this week. Here’s s a few things you should know to level up theguardian.com/business/2019/…
There are 112 globally significant financial institutions that have exited the coal industry. BlackRock stands out like a sore thumb bucking this trend as the world’s LARGEST owner of the coal industry. It’s the top shareholder in 7 of the worlds largest coal producers
But it’s not just coal. They’re also a top three owner of every oil super major. If anyone truly faces transition risk it’s these guys but wait...
Read 9 tweets

Related threads

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David Turnbull
@david_turnbull
If you’ve been watching my twitter stream recently, you may have noticed this but today’s a good day to be explicit: As someone who’s worked on the #climate crisis at the international, national and local levels for 15 years, I’m proud to be a climate leader #WithWarren. (🧵)
I spend my life fighting for climate justice and I’m absolutely convinced that a President @ewarren would work tirelessly to bring the big, structural change we need to address this climate crisis. Here are a few of the many reasons why I’m proud to be #WithWarren:
.@ewarren understands that corruption lies at the center the climate crisis. That’s why she was the first declared Presidential candidate to sign the #NoFossilFuelMoney pledge and is ready to stand up to the out-of-control fossil fuel industry.
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Sheldon Whitehouse
@SenWhitehouse
Apple may want governments to move faster on #climate, but its presence here in Congress doesn’t contribute to that result.

A thread ⬇️ usatoday.com/story/tech/tal…
Leaving @USChamber was a good first step, but until recently, its other trade group @TechNetUpdate didn’t even name climate or clean energy as priorities.

Many other leading companies still support muscle-bound lobbying groups like the @USChamber and @ShopFloorNAM, which are inveterate opponents in Congress of climate action, often contrary to their members’ views.
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James Glave
@jamesglave
In April, Alberta, Canada, will elect a new provincial government. Many may be unaware that the current @rachelnotley govt has adopted a globally significant #climate plan. Here is what's in it, what it has done, and what is at stake next month. A THREAD #abvote 1/24
First, where did Alberta’s Climate Leadership Plan plan come from? (George Soros, perhaps? Foreign-funded radicals?) No. It came from Albertans. A volunteer panel led by @andrew_leach spoke w 1K residents in-person and heard from 25K+ online. 2/24
The panel also engaged with 350+ stakeholders and met w Aboriginal Peoples in three cities, and received hundreds of detailed submissions from NGOs, industry groups and others. 3/24
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Sheldon Whitehouse
@SenWhitehouse
I must respectfully disagree with my friend @SenJohnBarrasso ’s Op-Ed on the @nytimes.

I will explain why in this thread⬇️ nytimes.com/2018/12/18/opi…
1️⃣ The referendum result in Washington State looked like more relentless campaigning by the fossil fuel industry against #climate action;

without that industry onslaught, the #carbontax referendum there would probably have passed.

nytimes.com/2018/12/30/opi…
2️⃣ A #carbontax is not “expensive,” as in our proposals all the money goes back to the public.

Taxing #carbon moves energy markets toward cheaper renewables.
On balance, people save money.

Don’t forget that the savings from avoiding #climate catastrophes are immense.
Read 5 tweets
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Patrick Galey
@patrickgaley
Just returned from Bangkok, where nations made little progress towards finalising the Paris agreement on climate change that aims to limit global temperature rises over the next 80 years.

It was my first @UN #climate change rodeo and there were a few things I wasn't aware of
Under Paris, countries agreed to a fairly detailed set of promises to keep global temperature rises under 2C by 2100.

It was the first time all nations - both developed and developing economies - signed up to the same set of climate rules. But they weren't binding
Parties gave themselves in effect 3 years to come up with a text agreed by everyone, ratified, and translated into national law on a state-by-state basis. The idea is the accord isn't legally binding, but the rulebook it provides could be on a national level
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