Finance

Expert Voices

2020 Democrats pushing to end public financing of fossil fuels

Illustration of rolled up money blocking a smoke stack
Illustration: Rebecca Zisser/Axios

The climate plans released this week by Democratic presidential candidates Joe BidenJay Inslee and Elizabeth Warren each include provisions to end U.S. government support for new fossil fuel investment overseas.

Why it matters: Many new coal plants — up to 91% in Asia, for example — receive public development support from state-owned enterprises, foreign governments and export credit agencies, or multilateral development banks (MDBs). Reduced access to such financing could mean fewer new plants burning coal, the most carbon-intensive energy source.

4 in 10 Americans have trouble spending $400 in an emergency

The Federal Reserve released new data from 2018 on Thursday that shows 40% of Americans would struggle to handle a $400 emergency charge.

The big picture: The data shows that financial disparity and financial resilience for people of color are pressing issues. One-third of black and Hispanic Americans don't feel like they are doing "at least OK" financially — more than the 22% of white Americans who feel the same.