Carbon Tracker: Billion Dollar Orphans
Plugging the 2.6 million documented onshore oil and gas wells in the U.S. will cost $280 billion. Without intervention, state governments are at high risk of taking on this orphaned well liability.
Reports
Reports from other organizations on fossil fuel industry bailouts and related topics. Opinions expressed in these publications are those of the authors and BailoutWatch has not independently confirmed their findings.
GAO: COVID-19 Loans Lack Controls and Are Susceptible to Fraud
The GAO found that the speed with which SBA implemented their pandemic loan programs may have increased their susceptibility to fraud.
SIGPR: Quarterly Report to Congress
In its quarterly report to Congress, SIGPR reports the dollar amount of loans that have thus far been issued under pandemic recovery programs through the Fed and Treasury, and makes two administrative recommendations.
Rainforest Action Network: Fracking Fiasco
Wells Fargo and JPMorgan Chase have consistently been the biggest bankers of U.S. fracking, together providing almost 40% of financing since the Paris Agreement was adopted.
Select Subcommittee on the Coronavirus Crisis: Prioritizing Wall Street
Subcommittee staff found that the beneficiaries of the Fed's bond purchases during the pandemic have mostly benefitted corporate executives and investors, instead of workers.
Commodity Futures Trading Commission: Managing Climate Risk in the U.S. Financial System
For the first time, a US regulatory agency has forcefully acknowledged the threat of climate change to the economy and made policy recommendations to address it -- all while operating under an administration that denies the existence of the problem.
InfluenceMap: Is the Fed being sector neutral? (August update)
The Fed's bond purchases still include more energy stocks than if the portfolio were based on employee count, indebtedness, or stock market value. That's true even if you disregard bonds held in Exchange Traded Funds.
Congressional Oversight Commission: Fourth Report
In its fourth report, the Commission makes recommendations on the implementation of the Main Street Lending Program, which had so far issued loans totaling only $496.8 million.
S&P Global: Coal in Retreat
The coal industry was already struggling before the pandemic, but the situation has darkened dramatically in recent months.
SIGPR: Initial Report to Congress
In its first report to Congress, the office of the Special Inspector General for Pandemic Recovery details its activities, interpreted jurisdiction and two recommendations.