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XR Glues Shut Barclays Across UK for Financing 'Climate Breakdown'
"The inconvenience we've caused this morning is small in comparison to the catastrophic events already happening due to Barclays' financing of fossil fuels," said one campaigner.
Nov 27, 2023
"We have closed this bank today."
That's the opening line on an explanatory poster, plastered on dozens of Barclays branches across the United Kingdom on Monday.
"Barclays has been on the wrong side of history for centuries," the poster continues. "Financing the Atlantic slave trade, apartheid in South Africa, weapons, and fossil fuels. $190 billion in finance for fossil fuels since 2015. Time to change."
"Barclays are choosing short-term profits over a livable future and a lot of us are sick of the measly progress they're making."
The posters were left overnight by activists with Extinction Rebellion (XR), sister organization Money Rebellion, and allied groups, who superglued the doors shut at nearly 50 branches—inspired by a 2020 Greenpeace action targeting the bank.
"We're responding to public attitudes and targeting the perpetrators of climate breakdown, not ordinary people, and we apologize for any inconvenience caused to staff and customers," said an XR campaigner in a statement. "The inconvenience we've caused this morning is small in comparison to the catastrophic events already happening due to Barclays' financing of fossil fuels."
The climate groups pointed to this year's annual Banking on Climate Chaos report, which shows that Barclays has poured $190.58 billion into the fossil fuel industry since 2015, when world leaders finalized the Paris agreement. Parties to that deal aim to keep global temperature rise this century "well below" 2°C, with an ultimate goal of limiting it to 1.5°C.
Already, "human activities, principally through emissions of greenhouse gases, have unequivocally caused global warming, with global surface temperature reaching 1.1°C," relative to preindustrial levels, according to a March Intergovernmental Panel on Climate Change (IPCC) report.
A United Nations analysis published last week ahead of the upcoming COP28 U.N. climate talks projects that currently implemented policies put the world on track for 3°C of warming by 2100.
Responding to the Monday action, a Barclays spokesperson told ITV that "aligned to our ambition to be a net-zero bank by 2050, we believe we can make the greatest difference by working with our clients as they transition to a low-carbon business model, reducing their carbon-intensive activity whilst scaling low-carbon technologies, infrastructure, and capacity."
"We have set 2030 targets to reduce the emissions we finance in five high emitting sectors, including the energy sector, where we have achieved a 32% reduction since 2020," the spokesperson added. "In addition, to scale the needed technologies and infrastructure, we have provided £99 billion of green finance since 2018, and have a target to facilitate $1 trillion in sustainable and transition financing between 2023 and 2030."
Climate campaigners argue that such policies are far from enough, given that the bank continues to finance fossil fuel projects.
"Barclays are pumping billions into the fossil fuel industry, completely at odds with advice from the International Energy Agency, United Nations, and IPCC," said a Money Rebellion activist who took part in the action. "Barclays are choosing short-term profits over a livable future and a lot of us are sick of the measly progress they're making, as they hide behind their lies and greenwash."
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New 'Blame Wall Street' Campaign Launched as Climate Emergency Grips Planet
"These companies could stop the flow of money to fossil fuels today, but they are choosing greed instead," said organizers with the Stop the Money Pipeline coalition.
Sep 01, 2022
Hundreds of organizations announced plans on Thursday to launch a mass mobilization this fall aimed at holding accountable those that allow destructive fossil fuel extraction to continue, specifically the Wall Street banks that have poured more than $1 trillion into oil and gas projects in recent years.
The Stop the Money Pipeline coalition, which includes more than 200 climate action groups, called on people across the U.S. to join "Blame Wall Street" public actions that are already planned in New York, Los Angeles, San Francisco, and other cities where campaigners will "connect the dots between the extreme weather events harming communities and the corporations fueling the climate crisis."
"There are plenty of people to be angry at: fossil fuel companies, which exist to make massive profits off of poisoning our air, water, and planet," Alec Connon and Arielle Swernoff, organizers with Stop the Money Pipeline, wrote at Common Dreams Thursday. "Politicians, who are bought and sold by wealthy tycoons, and whose climate policy--years in the making--was still riddled with giveaways to the fossil fuel industry. And finally: Wall Street."
As the Rainforest Action Network showed in a report released earlier this year, since the Paris climate agreement was forged in 2015, JPMorgan Chase has invested $382 billion in fossil fuel projects. Citigroup is the second-largest funder of oil and gas extraction, pouring $285 billion into projects, and Wells Fargo follows close behind at $275 billion.
Bank of America, Barclays, TD, and Morgan Stanley are also part of what the report labeled the "Dirty Dozen" and are among the banks Stop the Money Pipeline will target with their "Blame Wall Street" campaign this fall.
Fossil fuel companies also rely on insurance to build their infrastructure, and BlackRock and Vanguard are two of the largest investors in oil and gas projects, Connon and Swernoff wrote.
"These companies could stop the flow of money to fossil fuels today, but they are choosing greed instead," they said. "When we look around at the devastation caused by heat, flooding, hurricanes, and climate disaster, and we think about who to blame, Wall Street should sit at the top of the list."
This fall, the Stop the Money Pipeline will welcome anyone concerned about the climate crisis, extreme weather like the monsoons that recently caused unprecedented flooding and killed more than 1,000 people in Pakistan, and the fossil fuel investments made by banks that millions of Americans rely on to join or organize public actions across the country.
\u201cAlready this year, we\u2019ve witnessed unprecedented climate disasters: heatwaves, drought, floods & fires. \ud83c\udf21\ufe0f\ud83d\udd25\u26a1\u26c8\ufe0f\ud83c\udf0a\n\nWe\u2019re calling out those responsible: banks, insurers & investors funding fossil fuels. \nJoin the organizing call 9/7: https://t.co/OYj2ChPiRj \n\n#BlameWallStreet\u201d— Stop the Money Pipeline (@Stop the Money Pipeline) 1661968930
"Wherever you live--and regardless of whether you're new to activism or have been organizing for years--we want to support you in organizing to hold the funders of climate chaos accountable," wrote Connon and Swernoff, noting that Stop the Money Pipeline will be offering training and 1:1 coaching for anyone new to organizing.
Although Pakistan is responsible for just 0.3% of greenhouse gas emissions in the Earth's atmosphere, they said, it is currently suffering a humanitarian disaster induced by the fossil fuel-driven heating of the planet.
Catastrophes like Pakistan's, Europe's historic drought, and the drying-up of China's rivers and lakes "are happening because of a political and economic system designed to make some (mostly white, mostly male) people exceptionally rich from extracting and burning fossil fuels, while the rest of the world is left to suffer," wrote Connon and Swernoff.
"It's time to get angry, take to the streets, and hold those responsible for the climate crisis responsible," they wrote.
The coalition is also planning to hold an organizing call on September 7 to explain how advocates can organize "Blame Wall Street" demonstrations in their own communities.
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Climate Activists Put 'All Eyes on BlackRock' With Protests Demanding Shareholder Action
"We're giving notice that we'll be watching to see if BlackRock will actually pour any water on the flames it has started. We're here because we can't fix our planet with promises, only action can do that."
Apr 18, 2021
As corporations around the world prepare for annual shareholder meetings, climate activists held a series of actions leading up to and throughout the weekend in cities around the world that aimed to put "all eyes on BlackRock," the world's largest money manager, with nearly $9 trillion in assets under management.
"At the moment, BlackRock is a major part of the problem," said Robin Wells, an English teacher and activist with Fossil Free London who joined the U.K. city's demonstration, in a statement from the global network BlackRock's Big Problem.
"Today we're giving notice that we'll be watching to see if BlackRock will actually pour any water on the flames it has started," Wells said. "We're here because we can't fix our planet with promises, only action can do that."
In addition to London, activists demonstrated at BlackRock offices in Boston, Dallas, Miami, New York City, San Francisco, and Zurich.
\u201cMore actions today! Hey @BlackRock, you got the message yet? We're watching and waiting to see how your leadership votes this shareholder season, and expecting you to vote against continued climate destruction. #AllEyesOnBlackRock\ud83d\udc41\ufe0f\n\n\ud83d\udccdLondon, UK \n\ud83d\udccdZ\u00fcrich, CH\u201d— Asset Manager Wake Up Call \u23f0 (@Asset Manager Wake Up Call \u23f0) 1618526748
"CEO Larry Fink talks a big game on climate, but the company is the top investor in oil, gas, and coal," noted Patrick Houston of New York Communities for Change. "As the season of shareholder annual meetings looms, all eyes are on BlackRock."
As BlackRock's Big Problem details on a webpage about this year's shareholder season:
In BlackRock's 2021 Stewardship Expectations report, the asset manager finally acknowledged that voting against management and supporting shareholder proposals often leads to positive changes at companies. In January 2021, BlackRock expanded its voting criteria and announced that it will hold directors accountable when their companies fail to address climate change in their business plans. In March, both BlackRock and Vanguard joined the Net Zero Asset Managers Initiative, a first move on climate for Vanguard.
While acknowledgments and commitments may mark a change in thinking within BlackRock and Vanguard, it is action that is needed to curb the climate crisis. So this shareholder season, as the world looks toward COP26, their default position must be to vote in favor of pro-climate shareholder resolutions and against corporate boards when a company doesn't have a clear climate transition plan.
The network is focused on eight specific votes. In the oil and gas sector, there will votes on resolutions for BP and Shell to set public targets consistent with the goals of the Paris agreement, and against ExxonMobil chairman and CEO Darren Woods as well as lead independent director Kenneth C. Frazier for failing to implement plans consistent with limiting global temperature rise to 1.5oC, the more ambitious Paris goal.
\u201cThis AGM season, activists have #AllEyesOnBlackRock to see if it will follow through on its warm words to support climate resolutions (incl @Barclays & @Shell) and vote against directors failing on climate. \n\n\ud83d\udc40 @blackrock \nList of important votes \ud83d\udc49 https://t.co/NSFMzHAVMQ\u201d— Beau O'Sullivan (@Beau O'Sullivan) 1618570543
There are similar plans for financial services--votes on resolutions for Barclays and MUFG to set Paris-related targets and against Wells Fargo chairman Charles H. Noski for failing to implement plans consistent with the 1.5oC goal. There will also be a similar vote against Duke chair and CEO Lynn Good as well as independent lead director Michael G. Browning. Activists are also pushing for a resolution requesting Bunge issue a report about eliminating deforestation in its soy supply chain.
"At this point, voting with corporate management to maintain business as usual is an active choice against climate action," the network says. "If asset managers continue to choose not to vote for climate action this shareholder season, they will be actively working against progress, science, and the interests of their own clients and beneficiaries."
\u201cLocal @350 @BLKsBigProblem and @StopMoneyPipe activists paid a visit to @blackrock in #Miami \ud83c\udfddtoday to tell them to boot fossil fuels from their investment products! \n\n\ud83e\udd7e \u26fd\ufe0f = \ud83d\udcc8\ud83d\udcb5 + \u2764\ufe0f\ud83c\udf0d\n\n#AllEyesOnBlackRock #BlackRocksBigProblem #BlackRockFuelsMiamisFloods\u201d— 350 South Florida (@350 South Florida) 1618525625
While protesters aimed to raise awareness about the upcoming votes, some also directed attention to the controversial Line 3 pipeline, which opponents have dubbed "a climate time bomb." The Canadian company Enbridge is trying to replace a corroding pipeline with a larger one that would carry oil from Alberta, through North Dakota and Minnesota, to Wisconsin. Construction on the project has been repeatedly halted in recent months by water protectors' direct actions in Minnesota.
"My heritage is of a people whose rights were violently violated. My future is of a planet whose climate is being devastatingly altered. BlackRock should wield its vast financial power to mitigate the climate crisis," declared 19-year-old climate justice activist Xiye Bastida of the Otomi-Toltec Nation. "It can start by divesting from Enbridge, the owner of the Line 3 pipeline, before moving to divest from all tar sands."
\u201cWe want the Wall Street behemoth, which controls $9 trillion in investments, to vote for climate action this coming shareholders season. See https://t.co/b1Kh4LWbil for the key votes!\u201d— New York Communities for Change (@New York Communities for Change) 1618686591
Last month, Sen. Elizabeth Warren (D-Mass.) questioned Treasury Secretary Janet Yellen on why the federal government hasn't deemed BlackRock "too big to fail" and subjected the firm to stricter oversight. The senator said during a hearing that "it isn't just banks that pose a risk to the economy. In 2008, two investment companies, Bear Stearns and Lehman Brothers, failed, triggering the 2008 crash."
The Biden administration faces mounting pressure to protect U.S. financial institutions and the economy from risks posed by the climate emergency as well as demands that the administration help end the flow of private finance from Wall Street to major polluters. Polling results released Monday show that a majority of U.S. voters support federal government action to prevent future climate-related economic crises.
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