It is confirmed that presidential candidates in the US are being handed over campaign funds by major fossil fuel investors, the Sludge Climate portal and LittleSis ( a public accountability initiative) has reported. It seems that upper-level employees and executives at 14 hedge funds and private equity firms are involved in funding Democratic White House futures.
These ‘propping up’ tactics are being employed by bigwigs in the oil and gas industry that have gone to the extent to make large contributions to eight Democratic White House future leaders. Incidentally, most of these candidates had earlier taken the No Fossil Fuel Money Pledge. This was a campaign organized by Oil Change U.S. and endorsed by the Sunrise Movement, Greenpeace, and over a dozen other climate groups.
According to a review of Federal Election Commission records, from January to June 30 this year, employees of major oil and gas firms (comprising primarily CEOs, presidents, partners, and investment managers) have known to have given $214,785 to the campaigns of eight Democrats running for president.
It has been discovered that eight Democratic presidential candidates definitely received campaign contributions from senior employees of the private equity firms and hedge funds. These include Bennet, Biden, Booker, Buttigieg, Delaney, Harris, Klobuchar, and O’Rourke.
Private equity funds are willing to make high investments with high-risk businesses which might not be in favor of a wholesome social picture, as in case of oil and gas companies. They are therefore more preferred that banks that still follow a conservative approach and may adhere to environmental protection and governing policies.
Therefore, private equity firms have remained significant to fossil fuel investors, filling a crucial financing void to prop up the continued expansion of oil and gas operations.
But the sad part is that those fighting to win a seat of governance, are not standing up for the protection of the environment, an extremely pressing issue facing humankind, in general.
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