Elizabeth Warren (D-MA), our Native American Senator, thinks that there should be a crackdown on big banks and firms who fund the fossil fuel industry, making it impossible to live everyday life without the possibility of push back for the average American. The only thing Warren will solve by penalizing Wall Street firms and big banks is a trickle down to the middle- and low-class.
Warren quoted an excerpt from the Sierra Club and the Center for American Progress that claims to have calculated that big banks and Wall Street firms were responsible for enough greenhouse gases to put them in the same category as some of the largest emitting companies.
Warren said, “The amount of greenhouse gases released by the financial-services industry is staggering. If it were a country, it would be the world’s fifth-largest emitter.”
Yeah, the banks aren’t responsible for any of that. Just because banks lend money doesn’t mean they harm the environment. That’s not the question that banks consider, and they look at the math, not the environmental impact. The Sierra Club said, “If the United States were a country, it would rank fifth in the world in terms of CO2 emissions, just below Russia and ahead of Indonesia.”
The report also noted that the asset managers and banks financed the equivalent of 1.968 billion tons of carbon dioxide in 2020. Though some have voluntarily restricted their financing of fossil fuels, there’s still a significant amount still funding fossil fuels.
Why don’t we focus on nuclear energy in the meantime? Nuclear energy is clean and is stable enough to supply a large amount of energy while reducing fossil fuel emissions of other projects that use coal.
There’s been a debate for the last 10 or 15 years about moving from fossil fuels to cleaner energy, but there hasn’t been much movement toward the direction of clean energy. So, now, when Americans don’t have options of pure energy that are readily available and at a low cost, we’re going to stop banks from funding fossil fuel projects? Where’s the middle ground? There isn’t much else available that’s stable enough to handle the energy flow that’s already set up, and until there is, we have to use what we have available.
The Federal Reserve and Securities and Exchange Commission issued a report that says, “FSOC has identified climate change as an emerging and increasing threat to US financial stability.”
Look, if there was a great idea that worked well for Americans to use and it was cheaper and more readily available than fossil fuels, there wouldn’t need to be a government overhaul on the financial process that gives fossil fuel companies their investments. There isn’t, and that’s why the government feels that it has to step in and stop these mean fossil fuel companies from generating energy for the US.
Oh, and by the way, President Joe Biden’s Administration isn’t going to stop a private business from sponsoring the upcoming Olympics held in Beijing, China, which has used slave labor and enslaved millions of Uyghur Muslims. So, there’s that.