Banks’ central role in climate chaos
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Regulations
This argument might seem unusual. It’s easy to think of central banks as apolitical, dealing with obscure financial wonkery that’s got little to do with day-to-day life.
But this couldn’t be further from the truth: central bank governors make decisions with enormous implications, both for the climate as well as for the economy, and who it works for.
That’s why it’s vital that we reassert these bodies’ accountability to the interests of everyday people over those of the financial sector.
The good news is that there have been some developments in our favour. In an important victory for climate campaigners, as of March this year, the Bank of England actually has a new mandate which requires it to support the government’s net-zero target and environmental sustainability.
There are still tensions here, as the Bank also has a mandate to ensure economic growth – which could be used as an excuse to resist the desperately-needed regulations on banks’ fossil financing.
Funding
That’s why it’s so important to maintain the pressure at this moment; that we push the Bank of England to introduce the rules and incentives needed to make our economies sustainable and secure.
As we approach the UN climate talks at COP26 next month, activist groups are mobilising to make themselves heard in major financial districts around the world.
There will be a global Day of Action on Friday, 29 October 2021, where we’ll be calling on banks, asset managers and insurers to stop funding climate chaos. There are actions happening across the UK and world, so please find your nearest and how to get involved here.
Hundreds of us are also rallying our MPs to support the #EndFossilFinance campaign – to pile the pressure on the Bank of England governors to stop funding for fossil fuels. Please call on your MP to back the campaign in two minutes here.
This Author
Rachel Oliver works for Positive Money, a not-for-profit research and campaigning organisation based in London.
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