The Biden Administration recently ordered U.S. government agencies to immediately stop financing carbon-intensive fossil fuel projects overseas and prioritize international collaborations to deploy renewable energy technology. This marks a major victory for the movement to end fossil fuel finance.

350.org Responds to Pres. Joe Biden's Order to Stop Financing Fossil Fuel Projects Abroad
Democratic presidential candidate former Vice President Joe Biden speaks at the Chase Center July 14, 2020 in Wilmington, Delaware. Biden delivered remarks on his campaign's 'Build Back Better' clean energy economic plan. Chip Somodevilla/Getty Images

On this latest news, Brooke Harper, 350 U.S. Campaign Manager said:

"President Biden is responding to the pressure we are putting on him when it comes to stopping fossil fuel finance. However, we need President Biden to go even further on ending fossil fuel finance not only on the global stage but here in his own backyard. The Federal Reserve bailed out fossil fuel companies and loosened lending regulations at unprecedented rates to failing oil and gas companies. Biden can continue his leadership on reining in fossil fuel finance by appointing Sarah Bloom Raskin as the Vice Chair for Supervision and put a climate leader on the Federal Reserve that can lead the way to financial regulators playing a critical role in a just transition to a clean energy economy."

350.org Responds to Pres. Joe Biden's Plan to Make Federal Government Carbon Neutral by 2050

President Joe Biden is expected to sign an executive order that will cut the government's carbon emissions by 65 percent by the end of the decade. The goal is to put the federal government on a path to "net zero emissions by 2050."

On this latest news, Brooke Harper, 350 U.S. Campaign Manager said:

"We recognize and appreciate President Biden's effort; it is imperative that the federal government set an example for a clean energy future and transitioning federal vehicles, buildings, and energy sources is an important step. However, we need to see consistency in Biden's climate efforts on all fronts if he is to be a 'Climate President.' Biden cannot make an announcement like this and also reopen oil and gas leasing, nor approve more oil and gas permits on federal lands. That's taking one step forward and two steps back.

"Biden also has the opportunity to nominate climate champions to the U.S. Federal Reserve, a body that helps steer the economy and can do so by moving away from high-risk fossil fuel investments. President Biden must steer the U.S. government and financial institutions away from fossil fuels altogether; this is the ultimate step towards a livable and just future."

350.org is an international environmental group addressing the climate crisis.