350
It’s simple — to keep global warming below 1.5°C, fossil fuels need to stay in the ground.
On 8 October, the Intergovernmental Panel on Climate Change (IPCC) released its special report on climate change, and the steps needed to keep global warming below 1.5°C. We take it as a call to action.
The report puts climate science on the headlines, and serves as a wake-up call to the world: to have any chance of avoiding runaway climate change, no new fossil fuel project can be allowed to go ahead. It’s a matter of survival.
It’s our chance to point the finger at those responsible. The fossil fuel industry, and the institutions who finance coal and gas projects, are knowingly causing the climate crisis.
So this October we’re going after banks.
Take action:
Make sure the message of 1.5°C gets heard.
You can help deliver the key message that 1.5°C = No New Fossil Fuels to European banks who continue financing fossil fuel projects.
Your action will drive home the urgency of the climate crisis - and support those resisting the destruction of the Hambach forest in Germany, the TAP megapipeline and fracking in the UK.
Ready to organise? Here's all you need to get started with your action:see the action toolkit
The struggles in focus
Hambach Forest
In Germany, coal giant RWE plans to cut down the ancient Hambach forest to expand its brown coal mine. They face fierce, broadbased opposition. Even after a massive police operation removed the peaceful forest occupation, climate activists are holding further mass protests.
Fracking in the UK
In the UK, the first commercial fracking is about to start at Preston New Road in Lancashire despite years of protests. Recently, four anti-fracking activists have been sent to prison in an unprecedented sentence. The government is trying to push through new regulation that would take power away from local communities to have any say in issuing fracking permits.
No TAP pipeline!
In Italy, the local community of Melendugno is preparing to continue its strong peaceful resistance against the construction of the Trans Adriatic gas mega-pipeline, which is expected to resume this October. Last year, the entire town has been placed under military lockdown and protesters have been threatened with horrendous fines.
The Banks in focus
Deutsche Bank
Between 2012 and 2017, Deutsche Bank has provided a whopping 7bn dollars to the companies promoting the expansion of German coal and pushing a new generation of fossil gas infrastructure across Europe. That includes the coal giant RWE, currently moving ahead with destroying an ancient forest to expand its brown coal mine.
Barclays
Barclays tops the Europe list of fossil fuel financiers. Over the last 5 years it has financed just 15 companies with over 30bn dollars, including corporations pushing ahead the plans to develop the fracking industry in the UK. Is this how Barclays remains committed to acting in the best long term interests of its clients?
Intesa Sanpaolo
Intesa bank in Italy serves as the Trans Adriatic Pipeline’s ‘compensation’ bank in Albania and Greece. Landowners or residents impacted by the TAP construction and pipeline routing might get some compensation – but the only way for them to receive it is to open an account with Intesa. Given its direct finance for the Baku-Tbilisi-Ceyhan pipeline in 2004 and direct finance for the Dakota Access Pipeline it’s also a prime contender to be approached by the TAP company for financial support.
Defund: 1.5°C
How banks are fueling climate change
With most of the big banks very willing to talk about all they are doing for the climate, collectively they’re still funnelling hundreds of billions of €’s every year into new fossil fuel projects. Banks must commit to stop funding new fossil fuels, now.
We’re demanding banks put an immediate freeze on:
- any new fossil fuel project finance
- lending, organising or underwriting of bonds and shares for companies aiming to build and operate fossil fuel infrastructure projects
Defund Fossil Fuels: a European Guide Learn about how banks are financing fossil fuels - and who are the worst offenders.Read more:
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