{"id":6286,"date":"2020-10-21T10:05:06","date_gmt":"2020-10-21T08:05:06","guid":{"rendered":"https:\/\/reclaimfinance.org\/site\/?p=6286"},"modified":"2023-03-03T15:29:08","modified_gmt":"2023-03-03T14:29:08","slug":"protesters-ecb-end-ecblistens-fossil-fuel-investments","status":"publish","type":"post","link":"https:\/\/reclaimfinance.org\/site\/en\/2020\/10\/21\/protesters-ecb-end-ecblistens-fossil-fuel-investments\/","title":{"rendered":"Protesters outside European Central Bank demand end to fossil fuel investments"},"content":{"rendered":"

Wednesday 21st October. Frankfurt, Germany. Protestors outside the European Central Bank (ECB) today demanded the Bank stop financing the fossil fuel industry, following the breakthrough revelation last week that the ECB is considering ditching its principle of market neutrality, which has led to it purchasing billions of euros of bonds from polluters like Shell and Total. Activists from the Koala Kollektiv, a climate justice group, set fire to a model planet earth outside the headquarters of the European Central Bank (ECB) in Frankfurt to symbolise the destruction caused by the Central Bank. <\/span>More than 160,000 Europeans<\/span><\/u><\/a> have called on the Bank to stop financing climate breakdown. <\/span><\/strong><\/p>\n

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\u201cStopping climate change is the most urgent challenge of our time. If we fail to meet the Paris climate targets, humanitarian crises such as famine and wars over resources will become a constant reality in this century. We demand that the ECB stops giving money to industries that threaten our future. That means: getting out of coal, oil, gas and combustion engines. In particular, the billions spent to respond to the Corona crisis should not add fuel to the climate crisis. Instead, the ECB must promote a socio-ecological transformation of our economy.\u201d said a <\/span><\/span>spokesperson for the Koala Kollektiv<\/b>. <\/span><\/span><\/p>\n<\/blockquote>\n

The action was timed to coincide with today\u2019s \u2018ECB listens\u2019 event, intended to gather input from civil society groups to help shape the bank\u2019s future direction and priorities as part of the bank\u2019s ongoing strategy review. <\/span>More than 80% of 24,000 Europeans recently surveyed<\/a><\/u><\/span> by civil society groups SumOfUs, Reclaim Finance and 350.org said that climate, environment and social issues should be the highest priority for the central bank but the ECB continues to support fossil fuel finance. <\/span><\/p>\n

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\u201cEuropeans do not want a return to \u2018normal\u2019, where profit reigns supreme at the expense of our climate, our health and a real social justice for all. And the European Central Bank has a chance to listen by ending their position of \u2018market neutrality\u2019 that does nothing more than prop up dirty fossil fuel companies like Total and Shell. We know they are reviewing their position, we know they are aware of the massive outcry, but now it is time to act.\u201d said <\/span><\/span>Leyla Larbi, Senior Campaigner at SumOfUs.<\/b><\/p>\n<\/blockquote>\n

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\u201cPresident of the ECB, Christine Lagarde has said the bank should \u2018explore every avenue\u2019 to tackle the climate crisis, but the bank is purchasing bonds from some of the world\u2019s worst climate criminals through its trillion-euro Covid recovery package. The ECB is \u2018listening\u2019 to civil society today, but the truth is that they already know what they need to do – stop financing climate-wrecking companies like Total and Shell.\u201d <\/span>said <\/span>Nick Bryer, Campaigner at 350.org.<\/b><\/p>\n<\/blockquote>\n

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\u201cThe voices of climate activists in Frankfurt echo those of more than 160k Europeans that have petitioned the ECB, reminding it that we must act now to face the climate emergency. As a preliminary step to a meaningful strategy review, ECB Governors must immediately stop purchasing the assets of climate destructive companies, starting with those involved in coal or planning new fossil fuel projects, and cannot wait the several years that it may take for the ongoing process to deliver concrete results.\u201d said <\/span><\/span>Paul Schreiber, Campaigner at Reclaim Finance.<\/b><\/p>\n<\/blockquote>\n

This week new research from Greenpeace and the New Economics Foundation confirmed that ECB corporate asset purchases are improving the financing conditions of highly polluting companies and proposed alternatives to green them. The bank\u2019s purchases are structurally misaligned with EU commitments to the Paris Climate Agreement and fail to adequately reflect climate-related financial risks.<\/span><\/p>\n

Notes to editor<\/b><\/p>\n