FFF would mandate the Federal Reserve (Fed) to require the largest banks, those with more than $50 billion in assets, to submit and follow a plan for achieving zero financed emissions by 2050.  The plan would have the following elements:

  • No financing of new or expanded fossil fuel projects after 2022
  • No financing for thermal coal projects or companies after 2024
  • No financing of any fossil fuel projects after 2030
  • A 50% reduction in the bank’s financed emissions by 2030

Environmental Justice: The bill also mandates that the Fed require the plans to account for the needs of the communities who are suffering the most from environmental racism.

Source: https://www.citizen.org/article/why-we-need-the-fossil-free-finance-act/

If you want to take action on the FFF Act, click on https://act.350.org/call/apr-22-ff-finance-act/?source=em20220420-2-30-subs&akid=200657.958167.0JWbJp

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