Here’s the thing, fossil fuel companies need banks. But banks don’t need fossil fuel companies. We can win this.
Before the pandemic, momentum was building to force action from the banks to respond to the climate crisis from their shareholders, politicians, regulators, key influencers and the general public. Financial institutions themselves were increasingly understanding the risk both to their own reputations, and bottom-line, of providing services to companies that are fueling the climate emergency.

The pandemic marks a new line in the sand. Many governments and financial institutions are already falling over themselves pledging to Build Back Better. On top of this, our whole society is re-thinking what kind of future we want to see. This is the moment when we must fight for the bold and transformative policies that will create the fair, equal and sustainable future we need. There is no return to business as usual.

Phase out financing to all fossil fuel companies

Stop all project and corporate finance to companies that are still expanding fossil fuel extraction or making investments in new fossil fuel power plants and infrastructure (pipelines, coal railways, refineries etc.)

IMMEDIATELY HALT FUNDING OF COAL the world’s worst climate killer

Phase out financial services to all fossil fuel companies by dates that are aligned with the goal of limiting global warming to 1.5°C. Financing for the coal industry must phase out immediately to ensure that the existing coal plant fleet is retired at the latest by 2030 in OECD countries and by 2040 in the rest of the world.

NET-ZERO COMMITMENTS backed by both immediate and long term plans to end all fossil financing

Net-zero ambitions need to be underpinned by credible just transition plans with near term milestones that frontload commitments.

FULLY RESPECT HUMAN RIGHTS in all financing activities

Fully respect all human rights, particularly the rights of Indigenous peoples, including their rights to their water and lands and the right to free, prior, and informed consent, as articulated in the UN Declaration on the Rights of Indigenous Peoples. Prohibit all financing for projects and companies that abuse human rights, including Indigenous rights.

The Bank of England needs to fully incorporate climate risks into all of its activities. This means they should:

Make it mandatory for firms to disclose climate risk ​as soon as possible.
Lead by example and stop lending to fossil fuel companies and do not accept fossil fuel assets to secure their loans.
Use their regulatory authority to mitigate climate-related financial risks and steer the UK economy to become resilient by moving away from fossil fuels towards green investments.