Fossil Free Finance Act of 2023
S 1138, the Fossil Free Finance Act of 2023, requires large banks (with over $50 billion in assets) and certain financial firms to reduce emissions tied to their investments. It mandates these institutions to eliminate all new fossil fuel projects immediately, end thermal coal financing by 2025, and cut financed emissions by 50% by 2030, aiming for net-zero by 2050. The bill prohibits using carbon offsets in emissions plans and requires annual reporting to Congress on progress toward climate targets. This directly affects major financial institutions, compelling them to divest from fossil fuels and align their lending with science-based climate goals.
Bill status
in committee
1 of 4 stages cleared
Introduction
Mar 2023
Committee Review
Floor Vote
President
Introduced Mar 30, 2023
Last action Mar 30, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Mar 30, 2023
Committee
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Mar 30, 2023
Introduced
Introduced in Senate
upper
1 primary · 5 co-sponsors
Sponsors
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