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.