Positive Money

Making money and banking work for society

Bank of England told to restrict fossil finance ahead of Financial Stability Report

by

London, 13th December 2021

Climate campaigners gathered outside the Bank of England today to demand that policymakers introduce restrictions on UK banks’ investments in fossil fuels, ahead of this afternoon’s Financial Stability Report press conference.

In a stunt organised by research and campaign group Positive Money, activists wore masks of Rishi Sunak and Andrew Bailey’s faces, and held banners showing that UK banks have financed £11.5 billion of fossil fuel projects in 2021 and with the slogans: “no financial stability in a climate emergency” and “stop UK banks funding oil & gas expansion”. 

Photos can be accessed in this dropbox folder.

Rachel Oliver, head of campaigns and organising at Positive Money, said 

“After much green finance hype during COP26, shockingly the Bank of England is still letting UK banks fuel climate breakdown at home and around the world, by pouring billions of pounds a year into fossil fuel projects. Governor Andrew Bailey’s lack of action threatens the basic conditions for economic and social stability, let alone financial stability.

“The International Energy Agency has rightly called for an end to new oil, gas and coal expansion this year, which is why we need our public institutions to stop tinkering around the edges and impose hard restrictions on new fossil fuel investment. 

“We’re here to show our leaders that we’re not going away until they behave responsibly and stop sacrificing lives for the sake of bank profits.”

Spokespeople are available for media interviews. Please contact Anna Pick at press@positivemoney.org.uk or 07948802104.

Notes

  • The International Energy Agency has said that investment in new oil, gas and coal expansion must stop this year. 
  • The UK’s five biggest banks provided £227 billion in fossil fuel finance between 2016 and 2020. In the ten months before COP26, Barclays and HSBC respectively provided £4.2 billion and £4 billion in finance to the fossil fuel industry. 
  • Positive Money is a research and campaign organisation working towards a money and banking system which supports a fair, democratic and sustainable economy. 
  • Photos by Jess Hurd @jesshurdphoto / https://jesshurd.com/

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Anna Pick