Bank of England defends fossil fuel funding to Extinction Rebellion
The Bank of England (BoE) reportedly tried to appease Extinction Rebellion (XR) protests earlier this year, as the climate activist group targeted City fossil fuel financing.
In emails with XR members, the central bank urged that government instead has the “primary levers for driving the economy-wide transition to net-zero emissions”, The Telegraph first reported.
In other engagements, obtained via Freedom of Information request, the BoE added that its “climate strategy continues to evolve” but that the measures it imposes “might not address all of your concerns”.
The BoE also defended its stance on lending to carbon-heavy sectors, one of XR’s major issues of protest.
The environmental protest group also targeted HSBC and Lloyds of London headquarters in the City, and JP Morgan’s Embankment HQ for funding fossil fuel projects.
“We do not say that lending to certain sectors should be curtailed, but we do expect the risks of such lending to be appropriately understood and taken into account…financial firms need to play their part in facilitating an economy wide transition,” the Bank said.
City PM has contacted the Bank of England for comment.