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Most new fossil fuel projects are built with borrowed money – potentially yours Randell Leach is CEO of Beneficial State Bank and Denis Hayes is CEO of the Bullitt Foundation. Banks need to stop reckless profiteering that threatens our financial system and instead invest in resiliency. That’s a less diplomatic phrasing of the message from President Biden’s recent Executive Order on Climate-Related Financial Risk, which recognizes that continued financing of fossil fuel projects represents a huge risk to the U.S. and world economies. Every loan a bank makes carries risk. If paid enough to take a risk, banks will. And if a bank believes it can pass the cost of a risk to someone else, it will do that too.

United statesFrance generalRandell leachDenis hayesBeneficial state bankJp morgan chaseExxon mobilRainforest action networkBullitt foundationThomson reuters foundationThomson reutersPresident bidenExecutive orderClimate related financial riskParis agreementஒன்றுபட்டது மாநிலங்களில்