Climate fighters in the Bay Area crashed the “Responsible Investment Forum” in San Francisco – demanding that Private Equity and ESG stop funding the Climate Crisis.
Not one more dollar for #FossilFuels!
— Oil and Gas Action Network (@oil_action) September 14, 2022
In New York City, more climate and social justice fighters showed up at private equity conference demanding that retirement funds for teachers, nurses and firefighters NOT be used to fund fossil fuel projects.
At Private equity conference #SRNA w/@XR_NYC. PE uses retirement funds of teachers, nurses & firefighters to fund fossil fuel projects. Read more @PEstakeholder and @RealBankReform: https://t.co/c1XmwA0k3o pic.twitter.com/kXKW0FvFRU
— New York Communities for Change (@nychange) September 14, 2022
From the Private Equity Stakeholder Project:
“Private equity is buying up excessive amounts of fossil fuel assets – oil wells, pipelines, power plants, operating them out of the public eye and exploiting gaps and loopholes in regulation.
The billions of dollars private equity firms are spending to drill, frack, and burn fossil fuels stand in stark contrast to what scientists say is necessary to avoid catastrophic climate change. The health and well-being of communities of color are particularly affected by the environmental harms of their polluting fossil fuel assets right now.
To make matters worse, private equity is investing in climate chaos using the retirement money of millions of workers – including teachers, nurses, and firefighters in public service jobs – putting the retirement savings of ordinary people at risk as society seeks to move beyond fossil fuels to a clean energy economy.
As other financial actors like banks, insurance companies or utilities attempt to shed polluting assets, private equity asset managers have bought them and operated these fossil fuel assets out of the public eye and beyond the oversight of financial regulators.”