The Senate Resolution urges lending institutions in the State to cease financing projects that contribute to climate change, particularly those involving fossil fuels such as oil, gas, and coal. It highlights the detrimental effects of greenhouse gas emissions on global temperatures, which lead to severe weather events and environmental degradation. Despite the global commitment to reduce emissions through the Paris Agreement, major lending institutions have continued to provide substantial financing—totaling $3.8 trillion from 2016 to 2020—to fossil fuel companies, exacerbating climate change and harming communities, such as the indigenous Mapuche people in Argentina and families in Mozambique who have faced health issues and displacement due to these projects.

The resolution calls for a shift in financing practices, encouraging lending institutions to adopt environmentally responsible policies similar to those of NatWest, which has committed to significant investments in sustainable energy and plans to phase out coal financing by 2030. By urging these institutions to limit funding for fossil fuel projects and increase support for sustainable energy initiatives, the resolution aims to mitigate the harmful impacts of climate change and protect the planet and its inhabitants. Copies of the resolution will be sent to key state officials to promote awareness and action on this critical issue.