Love is in the air as Standard Chartered Bank cuddles up in a big bed with coal and petrol heads
June 01, 2023 by Extinction Rebellion
Press Release – MONEY REBELLION DEMONSTRATION
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#MoneyRebellion #ExtinctionRebellion #AdaniOut #StopAdani #StopEACOP
Hi-Resolution Press Assets
Date: Thursday 1st June 7.30-9.30 am
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LOVE IS IN THE AIR AS STANDARD CHARTERED BANK CUDDLES UP IN A BIG BED WITH COAL AND PETROL HEADS
Money Rebellion activists are staging a satirical “menage a trois” today (1 June) to the sound of Marvyn Gaye’s “Sexual Healing” outside the London headquarters of Standard Chartered – the third largest bank in the UK financing fossil fuel extraction.
A maid resembling Prime Minister Rishi Sunak is serving champagne to the bank’s CEO, Bill Winters, who reclines on a large bed enticing his fossil fuel friends to join him for a cuddle. There’s no room in the bed for Rishi the maid, who has to be satisfied only with the occasional bung of money.
David Wilkins from Money Rebellion explained,
“ With this imagery, we’re representing the cosy relationship between the two main causes of our climate crisis – the banks who provide the money for fossil fuel extraction and the companies that drill and mine.
“Since the Paris Agreement was signed in 2015, Standard Chartered has financed over $46bn to the 149 different fossil fuel companies listed on the bedstead. We’re expected to pass 1.5C of global heating in 2027 and yet Standard Chartered will not rule out financing for companies expanding fossil fuel extraction.”
Rishi Sunak has been criticised for approving the opening of a new coal mine as well as over 100 licences for new oil fields in the North Sea when the International Energy Agency (IEA) has clearly stated there must be no new oil and gas. The IEA boss Fatih Birol has recently slammed oil companies for their “climate contradictions” saying that existing oil fields, gas wells and coal mines are “more than enough” if the world is serious about its climate goals.
Christine Smith, another of the activists taking part said
“We know Standard Chartered are working towards supporting sustainable solutions to cut emissions, carbon capture projects, and developing alternative energy, but there’s no getting away from the fact that there’s huge greenwashing going on.
“This bank is one of four lead companies, investing in oil and gas extraction projects, on track to be approved in Africa in 2023. The real problem is that when Bill Winters says ‘the transition to renewable sources must happen over time while ongoing development of the oil and gas sector is still necessary’.
What he really means is – in his own good time. But we know we don’t have time. We are at a tipping point.”
Standard Chartered has been a key focus for activists as it is the third largest bank in the UK financing fossil fuel extraction (behind Barclays and HSBC). A group of Money Rebellion activists have been visiting the bank’s headquarters weekly for the last 8 months repeating their demands to the CEO, Bill Winters and fostering good relations with bank employees.
Money Rebellion is pleased that Standard Chartered has now agreed to rule out the financing of the controversial East African Crude Oil Pipeline (EACOP) but are very disappointed that the bank is now talking to Adani.
Rafela Fitzhugh said
“Adani has been heavily criticised for its destructive coal projects in Australia and India, where Indigenous communities are opposing mining on their lands. Adani is also expanding coal extraction by between 240 and 520% against the advice of climate scientists”
The recent Hindenburg report disclosed the extent of the fraud of the Adani Group. Climate change is real. Standard Chartered should refuse to finance Adani while they fail to act in line with science, the authority of the indigenous Adivasi people must be acknowledged and the biodiversity on which we all depend must be protected.
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Notes for Editors
Money Rebellion is a sister movement to Extinction Rebellion.
About Standard Chartered Bank
Standard Chartered is a British multinational bank with operations in consumer, corporate and institutional banking, and treasury services. Despite its headquarters being in the United Kingdom, it does not conduct retail banking in the UK. Around 90% of its profits come from Asia, Africa, and the Middle East. A lot of those profits come from investments in coal, oil and fossil fuel industries, and these investments are expanding the fossil fuel industry.
Money Rebellion Demands to Standard Chartered Bank
1. Exclude all corporate finance and bond underwriting for oil and gas companies with exploration and development plans.
2. Commit not to participate in the East African Crude Oil Pipeline, (EACOP)
3. Immediately stop funding all coal companies that are growing the industry, including Adani.
4. Halve absolute emissions associated with clients by 2025 for Standard Chartered’s net-zero commitment, without the use of carbon offsets or trading.
Banking on Climate Chaos
ShareAction | Standard Chartered’s net zero strategy update fails to…
International Energy Agency – No new fossil fuels
IEA Sends Clear Message to World Leaders: Stop Investing in New Oil and Gas
IEA chief slams climate ‘contradictions’ from oil companies – DW – 04/11/2023
No new oil, gas or coal development if world is to reach net zero by 2050, says world energy body | Fossil fuels | The Guardian
East Africa Crude OIl Pipeline (EACOP)
Rishi Sunak decision on Cumbria Coal Mine
“Greenhouse gas emissions keep growing. Global temperatures keep rising. And our planet is fast approaching tipping points that will make climate chaos irreversible. We are on a highway to climate hell with our foot on the accelerator.”
António Guterres, Secretary-General of the United Nations 2022.
“We have to move quickly. What we do over the next three or four years, I believe, is going to decide the future of humanity.”
Sir David King, (2021) former UK scientific advisor.
“Dear future generations: Please accept our apologies, we were rolling drunk on petroleum”
Kurt Vonnegut, author.