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Fed Programs Have Kept Finance Flowing to Fossil Fuels
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wsj.comThe 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.
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