[PHOTOS of the action outside of the Bank for International Settlements (BIS) Annual General Meeting]
June 29, 2024, Basel, Switzerland — Today, as financial regulators and central bank representatives from the world’s richest countries met for the Annual General Meeting of the Bank for International Settlements (BIS), activists from a range of climate justice and corporate accountability groups demanded that this “banker’s bank” regulate fossil fuel finance and stop accelerating the global climate crisis.
BIS is the oldest global financial institution, and acts as a bank for 63 central banks representing countries that together account for about 95% of the world’s GDP. Its mission statement promises a culture of “sustainability and social responsibility,” which climate activists say it is failing to meet.
Activists with Campax, BreakFree Switzerland, Climate Alliance, and Ekō came together to paint a large, 6 x 6 metre mural of a fist holding a coin near the BIS tower in Basel, titled "No financial stability without a stable climate". They called for urgent reforms to regulate the flow of funds to oil, gas and coal projects, in order to protect people and the planet.
Activists also delivered an open letter to Christian Beslmeisl, Deputy Head of Communications of the BIS. The letter, signed by 13 organisations and endorsed by over 80,000 Ekō members, outlines specific demands for the BIS and its sub-committee the Basel Committee on Banking Supervision (BCBS) – which is the primary global standard setter for the prudential regulation of banks. It calls for the integration of mandatory plans to transition away from fossil fuels, and the inclusion of a ‘One for One rule’ which would necessitate higher capital requirements for high-risk fossil fuel projects. The letter also suggests adding an obligation for banks to uphold the Free, Prior and Informed Consent of Indigenous people when considering financing extractive projects. Finally, it advocates for greater collaboration with scientists, civil society organisations, First Nation and Indigenous delegates from the Global South.
At last year’s AGM, hundreds of people, including frontline communities most directly harmed by climate destruction, marched in front of the BIS, demanding financial reform. One year later, activists say that banks still don’t adequately take into account climate risk and continue to allow the funding of fossil fuel expansion. Activists are also concerned by attempts from US regulators to obstruct the already limited work the BCBS is doing to address climate risk.
Daphne Cronin, senior climate finance campaigner at Ekō stated: “A growing number of people understand the role financial regulation plays in regulating the flow of money to fossil fuel projects and in protecting their futures. Current financial rules are allowing banks to recklessly fund projects which harm Indigenous and local communities, destroy our critical ecosystems and accelerate climate breakdown. That is why over 80,000 people signed Ekō’s petition calling on the BIS, BCBS and central banks to adopt rules which protect people and the planet, not fossil fuel profits.”
Lilian Schibli, co-responsible for the SNB coalition at Climate Alliance Switzerland added:"Guaranteeing financial stability is one of the fundamental responsibilities of the BIS and its members, but unfortunately they are not yet taking the risk that climate change poses to our financial system seriously enough. Instead, the current prudential framework allows banks to keep fueling the climate crisis, through their funding of fossil fuel projects, and create more economic instability".
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