Shifting public and private investment to clean energy for a healthy economy
Texas Campaign for the Environment Fund works in coalition with local, state, and national groups to support programs needed to address the climate change and plastic pollution crises. It is clear that we can and must transition the U.S. economy away from unsustainable fossil fuels as a primary source of energy.
Now we’ve reached a critical turning point—the latest oil and gas “bust” began with an international price war and then the COVID-19 pandemic caused global demand to plummet. Those economic dynamics have driven drilling to its lowest level since 2005. Concerns about climate change and financial losses have caused large financial institutions to pull investments and cancel projects. This has opened a window of opportunity to break out of the boom-bust cycle and build a more equitable, healthy economy.
However, this has not stopped the largest fossil fuel companies from pushing forward with plans to extract more oil and gas, release more greenhouse gas emissions, and export plastics, petrochemicals, crude oil, and fracked gas overseas. They still want to double global plastic production by 2030. They are moving forward with massive pipeline projects, plastic production facilities, and export terminals—and they are still receiving enormous government spending bailouts.
We believe there’s a better solution: Move Texas away from the current boom-and-bust, fossil fuel-based economic model to a more circular economy that uses resources efficiently and provides stable, well-paid jobs for all Texans. The good news is that renewable energy is growing quickly and has already surpassed coal in U.S. power generation. Texas has long led the nation in wind power and is capable of leading in solar generation as well. We must act now to make the most of this historic opportunity.
We support programs to reduce plastics waste and pollution, phase out existing oil and gas subsidies, prevent fossil fuel bailouts, and spur investments in clean, renewable energy. In collaboration with national and international allies, we are pressuring companies and financial institutions to stop funding, insuring and investing in fossil fuel projects that are too risky for public health, the environment, and the economy.
Taking on big financial institutions
The world’s biggest oil and gas companies produce slick advertisements about energy independence and economic growth, but in reality these companies are attempting to extract and export Texas’ natural resources to maximize short-term profits for as long as they can. We are working with a coalition of allies to urge major banks and insurance companies that support wasteful fossil fuel projects to invest their money in clean energy projects in Texas instead. Learn more about how to take action!
We are also supporting the efforts of other groups working in Texas and around the world to push for a clean energy transition. Learn more about our coalition partners here.
Tell Liberty Mutual: Stop Investing in Pollution and Waste!
Insurance giant Liberty Mutual Insurance has a large presence in North Texas and manages billions of dollars in assets in polluting projects that targeting the Gulf Coast for more plastic production and oil exports.