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 to fossil fuel companies, totaling $3.8 trillion from 2016 to 2020. The resolution also points out specific cases where such financing has harmed local communities, such as the indigenous Mapuche people in Argentina and families in Mozambique, who have faced health issues and loss of livelihoods due to these projects.

The resolution calls for a shift in the lending practices of financial institutions, encouraging them 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 lending institutions to limit their financing of oil, gas, and coal projects, the resolution aims to mitigate the damaging effects of climate change and promote the health of the planet and its inhabitants. Copies of the resolution will be sent to key state officials to ensure awareness and action on this critical issue.