Banks, insurance companies and investors must immediately stop financing any new fossil fuels. That’s the very minimum needed now to limit the worst impacts of climate breakdown as highlighted in the latest IPCC report.
The UK government has the power to regulate the UK’s financial sector - yet despite the scale of crises we face, no one is forcing banks and investors to stop funding fossil fuel companies. They’re not legally required to align their activities with the UK or global climate commitments. So they keep pumping billions of pounds each year into fuelling the climate crisis, all in the name of profit..
Just like oil and gas companies, financiers like Barclays, HSBC, Lloyds, Standard Chartered, Blackrock and Vanguard are a high carbon industry responsible for financing more pollution than even Germany or Canada. However, they’re not legally required to align their activities with the UK or global climate commitments.
Banks and investors are doing as little on climate action as they think they can get away with. After years of promises and pledges, they’re still investing hundreds of billions of pounds every single year in making the climate crisis worse, all in the name of profit.
So they need to be pushed through strong new laws to freeze any new fossil financing and instead marshall their huge financial power behind a just transition and bold climate action.