Sen. Elizabeth WarrenElizabeth WarrenWarren calls on big banks to follow Capital One in ditching overdraft fees Crypto firm top executives to testify before Congress Massachusetts Gov. Charlie Baker won't seek reelection MORE (D-Mass.) released a plan over the weekend that would aim to fight climate change by increasing regulations on fossil fuel financing.
Her plan comes as some banks in recent months have said they will not directly finance oil and gas drilling in the arctic, as Democratic lawmakers step up the pressure on these institutions and as her campaign has lagged in the crowded Democratic nomination contest.
As president, Warren says she would require banks to report how much fossil fuel equity and debt they create, direct credit agencies to impose a climate standard and appoint financial regulators who will hold financial institutions accountable for climate risks.
The senator would also require major insurance companies to disclose the size of premiums they're getting from coal, oil and gas projects.
"I will act decisively and swiftly to manage the risk that climate change poses to our economy by reining in Wall Street and ensuring our banks, asset managers, and insurers pay the true cost of climate change instead of passing it on to millions of Americans," she said in an online post outlining the plan. "It’s time to stop Wall Street from financing the climate crisis."
Over the past few months, some financial institutions have backed away from certain fossil fuel projects.
Investment firm BlackRock has said that it would pull back from investments in coal while JPMorgan Chase and Goldman Sachs have said they will stop approving loans to companies pursuing new fossil fuel drilling in the Arctic. Wells Fargo has also said that it does not directly finance oil and gas projects in the Arctic.
Warren has struggled to gain traction in the early-voting states. She has just eight delegates while rivals Sen. Bernie SandersBernie SandersOvernight Health Care — Presented by March of Dimes — Abortion access for 65M women at stake Hospitals in underserved communities face huge cuts in reckless 'Build Back Better' plan Sanders urges Biden to delay Medicare premium hike linked to Alzheimer's drug MORE (I-Vt.) and former Vice President Joe BidenJoe BidenPfizer CEO says vaccine data for those under 5 could be available by end of year Omicron coronavirus variant found in at least 10 states Photos of the Week: Schumer, ASU protest and sea turtles MORE have dozens.
Her environmental plans have been consistently praised by green groups.