Protesters are calling on central banks to limit the flow of money going into new fossil fuel projects.
Frontline activists and climate groups around the world are taking coordinated action in the lead-up to the annual general meeting of the Bank of International Settlements (BIS) in Basel, Switzerland, on Sunday.
At least 400 protesters, including Greta Thunberg, are expected to march in the Swiss city on Saturday ahead of the meeting, which will be attended by Bank of England Governor Andrew Bailey.
Activists gather for the People’s Forum for Climate Justice and Financial Regulation (Clima-Allianz Schweiz)
Meanwhile, artistic creations will be on display in the city as a tribute to 20 environmental defenders from around the world who have died because of their work to protect nature, including British journalist Dom Phillips.
Tim Ratcliffe, 42, from Stoke-on-Trent – who has joined the action with the UK climate bailout protest group – told the PA news agency: “The overarching message is ‘end fossil finance’.
“Ensuring financial stability is the responsibility of central banks and financial regulation.
Activists gather for the People’s Forum for Climate Justice and Financial Regulation (Clima-Allianz Schweiz)
“But there is no financial stability in a world suffering from climate emergency and climate disruption.
“That’s why we are calling on them to stop the flow of finance to new fossil fuel projects and to stop the expansion of the fossil fuel industry.”
Mr Ratcliffe said there was “not enough capacity or driving force” to fight every new fossil fuel project.
“That is why it comes down to lobbying more systematically, looking at what levers can be pulled and what is the role of supervisors, regulators, central banks and key institutions in the financial sector,” he said.
Nearly 200 climate campaigners are gathering in Basel this week for a plenary session and discussion as part of the “People’s Forum for Climate Justice and Financial Regulation”.
These include grassroots activists, policy activists in nongovernmental organizations, and community representatives who are opposing oil and gas projects on land in their home countries, such as Colombia, Argentina, Senegal, and Mozambique.
Argentine climate activist Fernanda Herrera speaks at the People’s Forum for Climate Justice and Financial Regulation (Clima-Allianz Schweiz)
Among them is Aryan de Campo, 25, of the Center for Energy, Ecology and Development in the Philippines, who is campaigning to protect the Verde Island Passage – a sea corridor rich in biodiversity in the country.
It comes after a tanker carrying 800,000 liters of industrial oil capsized close to the strait earlier this year.
Fears of further spillage and disruption to local fishing have been fueled by Shell’s plan to build a liquefied natural gas import terminal in the nearby city of Batangas, which is being financed by HSBC, Barclays and Standard Chartered.
Ms de Campo told PA: “For centuries communities along the Verde Islands route have lived and flourished, but the actions of the oil and gas companies and the banks that finance them have undermined their livelihoods, harmed their health and pollute the valuable habitats that exist.” There.
Artists create works to pay tribute to environmental defenders who died because of their work (Clima-Allianz Schweiz)
“I’m coming to Basel to tell the banks and the world that some things are too precious to be bought.”
A BIS spokesperson said representatives met with the People’s Forum for Climate Justice and Financial Regulation on Tuesday and acknowledged their concerns.
He added: “While direct policy action to address climate change is a matter for legislators and governments and the BIS has no direct role in influencing climate change, its members are doing their part to reduce financial stability risks and raise awareness.” Taking many actions within the mandate.” Change needs to be managed in a systematic manner.”
He added that the BIS’s decisions on setting standards “have no legal force but members are expected to implement them”, and that it “addresses risks to the global banking system, including climate change, to ensure financial stability”. works to reduce”.
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