The media is starting to notice the growing movement targeting banks and other financiers of fossil fuels. The newspaper CityAM hosted a debate on this new target of climate activists.
This is some of what Adrienne Buller, an economist and research fellow at the Common Wealth think tank, had to say:
Last week, a leaked JP Morgan report acknowledged that, in a world of accelerating temperature rise, “we cannot rule out catastrophic outcomes where human life as we know it is threatened”.
While JP Morgan is right to recognise the scale of the crisis, there is an irony in the bank being the world’s foremost lender to fossil fuel projects.
This reflects a broader trend. Just 33 banks have funnelled $1.9 trillion into fossil fuel projects since 2016. In doing so, they continue to fan the flames of climate crisis, supporting projects and assets that, if the world is to meet the goal of limiting warming to below 2 degrees celsius, will necessarily be “stranded” — in other words, valueless.
Banks have a vital role to play in financing a just transition, which will require an immense mobilisation of resources to invest in decarbonisation and the green industries of the future.
As they are yet to make this shift on their own, campaigners are right hold them to account and demand that they invest in a liveable future.
You can read the full article including a rebuttal from, well a corporate director, who apparently trusts these profit-centered companies to make the required changes in time to save humanity, at the CityAM site.