Business

The sparring over the fossil fuel language reflects a deeper mistrust between the DNC and progressive climate activists who contend the Democratic Party has failed to take aggressive positions against oil, gas and coal companies who have lobbied against policies to swiftly reduce greenhouse gas emissions. Biden and his running mate, Sen. Kamala Harris (D-Calif.), both support ending fossil fuel tax breaks and subsidies, but the platform that delegates received ahead of this week’s virtual convention omitted that language. The platform was officially approved on Tuesday. “@JoeBiden continues to be committed to ending U.S. fossil fuel subsidies & then rallying the rest of the world to do the same—as was outlined in his climate plan last year. Here at home, he’ll use those dol...

Background: While the group has more than 3,200 signatories around the world, it is sharpening its U.S. focus given how exposed many funds and companies are to the U.S. economy, said Heather Slavkin Corzo, the head of U.S. policy for the group. It plans to double down on Capitol Hill and with the Securities and Exchange Commission and the Federal Reserve. The U.S. has lagged action in other countries that is designed to protect financial investments. Overseas banks have floated stress testing their assets for risks to climate change policies and extreme weather events, and mandatory corporate climate risk disclosure is also gaining traction in the EU. A growing group of finance experts and investors have warned that climate change poses systemic threats to the U.S. and global financial sys...