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Fed Programs Have Kept Finance Flowing to Fossil Fuels

The world’s biggest banks and investors recently pledged at the Glasgow climate conference to crimp the flow of finance to fossil fuels. But the Federal Reserve’s pandemic-era rescues have kept the spigot open.

Oil-and-gas companies have raked in record amounts of private-sector financing since the Fed’s 2020 interest-rate cuts and corporate bond-buying programs, upending years of declining investment in fossil fuels. And they were disproportionate beneficiaries of Fed programs meant to buoy U.S. businesses during the pandemic.

Read More on The Wall Street Journal