On Friday 29th October, the eve of COP26, thousands of people took part in a global day of action calling on governments, banks and insurers to #DefundClimateChaos. The event was led by youth strikers and climate activists who wanted to take a stand against the biggest funders of fossil fuels and climate chaos. Positive Money was part of a coalition of groups who supported it.
Activists organised climate memorials outside banks to pay tribute to the countless lives lost to climate breakdown and demand an end to fossil fuel finance. In London, after Greta Thunberg joined the demonstrators outside Barclays and Standard Chartered, the National Climate Justice Memorial took place at dusk outside the Bank of England. As the UK’s central bank, it has a fundamental role to play in bringing private banks and financial flows into line with the green transition.
The event was an opportunity to pay tribute to the countless lives lost every year to climate change, and celebrate the resistance of the communities on the frontlines of climate injustice. Pacific Climate Warriors performed poetry and dance, bringing attention to the disproportionate impact climate chaos has on countries in the Global South.
Positive Money’s senior economist, Danisha Kazi opened the ceremony: “We’re here today because we know that UK banks have been some of the worst offenders here, and the Bank of England, they’re responsible too. They have the power to change the direction we’re going in”.
“We are more than just climate victims, we are climate leaders… our ancestors fought to have our culture preserved, we continue their fight”. – Joseph Sikulu, Pacific Climate Warrior
Joseph Sikulu, a Pacific Climate Warrior from Ha’apai and Vaini in Tonga — a low lying pacific island — talked about how many communities are already feeling the worst effects of the crisis. He said “We’re here today because the Bank of England has been funding the climate crisis which threatens our islands.”
The warriors also gave a powerful dance performance on the steps of the London Stock Exchange, highlighting the rich cultural heritage of the Pacific Islands that are now facing an existential threat from rising sea levels. One warrior said, “We are more than just climate victims, we are climate leaders… our ancestors fought to have our culture preserved, we continue their fight”.
Amongst other speakers was Fridays for Future Uganda’s Evelyn Acham, who gave a powerful call to action, asking the crowd: “What will your money be worth on a burning planet?” Many of the activists tied their struggles to those of previous generations who had resisted colonisation by Western countries – the same countries that are complicit in the climate destruction currently devastating the Global South.
After the speeches, the protesters lit lanterns and observed a minute of silence to pay tribute to the lives and resistance of those that are denied access to climate negotiations like COP26, and could not attend the rally in person: people whose voices, stories and expertise are too often marginalised.
And here’s some pictures from other #DefundClimateChaos events around the world.
There were actions all across the world, including Helsinki, Zambia, Belgium, the US, Kenya, Germany, Brazil, Nigeria, Italy and South Africa. The day of action highlighted how powerful we can be when we work together to demand climate justice.
It’s crucial that we amplify the voices of communities on the frontlines of the climate emergency, and acknowledge the ongoing colonial dynamics: financial institutions and governments in the Global North are actively profiting from destruction in the Global South today.
On COP26 Finance day, there were two big announcements:
- The Green Finance Alliance for Net Zero — a group of 450 banks and investors managing $130 trillion in assets — say they’re committed to net zero by 2050.
- The UK government said it will soon be compulsory for all big firms and banks to have plans for getting to net zero.
These are both important steps forward, but neither of these announcements address the urgent need to end lending to fossil fuels. Or the fact that if we want to protect life on earth, we also urgently need our governments to do big-scale public investment in green alternatives.
What we need to see is central bankers and politicians recognising their role as market shapers, and to stop shying away from using their tools to actively shift capital towards green sectors. (Our head of policy and advocacy, Simon Youel, talked about this on BBC News on 3rd November). And we know they respond to public pressure when enough of us stand together. So we’ve launched a petition calling on the government and Bank of England to fund a fair, green transition by increasing public investment in green infrastructure by £30 billion a year, and introducing firmer regulation to stop private banks and insurers from funding fossil fuel companies.
Please join our call to demand the government to redirect financial flows away from fossil fuels and towards a green transition by signing the petition in 30 seconds now.