• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Go to Positive Money Europe

Positive Money

Making money and banking work for society

  • About us
    • Our vision
    • Who we are
    • History & highlights
    • Contact us
    • Current vacancies
    • In the media
    • Funding & Annual Reports
  • What we do
    • Educate & empower
    • Research and Policy
    • Campaign & local groups
    • Influence decision makers
    • In the media
    • International Movement
    • Events
  • Resources
    • Videos
    • Publications
    • Local group resources
    • Lobby your MP
    • Organise an Event
    • Policy resources
    • Shop
  • Press
  • Blog
  • Donate
  • Positive Money Europe

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

by Anna Pick

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/

###

Campaigns, Climate change, Press releases andrew bailey, bank lending, Bank of England, banking, banks, climate crisis, finance, financial regulation, financial stability, Financial Stability Report, green finance, Rishi Sunak

Anna Pick

Primary Sidebar

Get our latest campaign updates

Recent Posts

  • Economists warn Sunak against financial deregulation
  • Financial Services and Markets Bill threatens levelling up: Positive Money response to Queen’s speech
  • 25 years of Bank of England independence shows we need a new approach
  • Government should take the lead in tackling cost of living
  • Reinventing leadership: building resilience through a period of uncertainty

Footer

Follow us on social media

  • Facebook
  • Instagram
  • Twitter
  • YouTube

This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 3.0 Unported License.


Privacy Policy, Terms & Conditions


Positive Money is a company limited by guarantee registered in England and Wales. Registered number 07253015.
Registered office: 104 Davina House, 137-149 Goswell Road, London EC1V 7ET.


Positive Money Europe