Barclays Bank AGM targeted by fossil fuels and human rights campaigners

 

Palestine Solidarity, Campaign Against Arms Trade, War on Want were drawing attention to Barclay's funding of arms companies and the subsequent use of those arms against Palestinians and other populations.

Palestine Solidarity said:

Militarised violence against the Palestinian people is a central feature of Israel’s occupation and apartheid regime – including the illegal Apartheid Wall, demolitions of Palestinian homes, brutal armed crackdowns on Palestinians protestors, and indiscriminate bombing campaigns of the Gaza Strip.

This system is maintained through the involvement of governments and business enterprises around the world. Financial institutions in the UK provide investment, loans, and other financial services to companies supplying Israel with weapons and military technology used to oppress Palestinians.

We’ve uncovered that Barclays Bank holds over £1 billion in shares, and provides over £3 billion in loans and underwriting to 9 companies whose weapons, components, and military technology have been used in Israel’s armed violence against Palestinians. By providing investment and financial services to these arms companies, Barclays facilitates the provision of weapons and technology for Israel’s militarised repression of Palestinians.

Alongside War on Want and Campaign Against Arms Trade, we're calling on Barclays Bank to #StopBankingOnApartheid

Climate campaigners were focusing on Barclay's investments in fossil fuels amidst a climate crisis.

This afternoon XR issued the following press release:

A major bank funding our extinction by pouring billions of pounds into new fossil fuel projects was left in disarray today as activists linked to a huge new climate crisis coalition disrupted their Annual General Meeting headquarters in the City of London.  

The board of directors faced constant interruption and challenge making it almost impossible for the AGM to continue. When Barclays chairman Nigel Higgins tried to outline the bank’s own climate commitments, a protester shouted “bullshit.”

At 11am teams of activists infiltrated the AGM of Europe’s biggest funder of fossil fuels, Barclays. [1]  A 70-strong Climate Choir sang a climate crisis version of the Spice Girls “Stop Right Now” to bank board members. Further disruption followed as other shareholders from Fossil Free London, with a Shakespearean condemnation of Barclays as being on the wrong side of history. 

Pulling out hidden ruffs and quills, they performed Shakespeare-based lines generated by ChatGPT about the bank’s funding of fossil fuels. Lines included: “The people thee harm, and our air thou pollute! And yet, there is more, I tell you this day, For Barclays is guilty in a vile way. Thou art on the wrong side of history, I say!”

At the action, Claude Fourcroy, of Money Rebellion, an off-shoot of Extinction Rebellion, said: “We need UK banks to stop funding fossil fuels today, but instead they are profiting from a rigged system where bankers sacrifice people and planet to make vast fortunes. This is why we have chosen to target these vastly wealthy and powerful establishments, in the interests of the public – because time for humanity and every other species on the planet is running out. 

“These banks boast about being part of the solution to the climate and ecological emergency while taking baby steps toward pulling funding for the worst fossil fuel criminals, making empty promises full of loopholes, and greenwashing on an industrial scale

“The government and Bank of England are failing to challenge or regulate the power of the banks. But people power can and will stop them. No more carbon bombs, no more genocide and no more displacement. Until the banks stop funding new fossil fuels, we will use every tool in the box to stop them, including building the biggest bank boycott in history to hit them where it hurts – in their pockets.”

The action against the big name financier came just a week after 200 environmental and social justice groups staged The Big One in the streets around Parliament.

The unprecedented event drew up to 100,000 protestors across the four days, to become the biggest single-location climate protest in British history. It included the delivery of two collective demands to stop all new fossil fuel projects and set up emergency citizens assemblies to manage a swift and just transition to a post-carbon future.

When the government failed to respond to the demands by a 5pm deadline on Monday April 24, 50 of the groups at the Big One, including Extinction Rebellion, Money Rebellion, Greenpeace and War on Want, vowed to step up their campaigns and actions.

Extinction Rebellion co-founder Clare Farrell said: “These Money Rebellion actions disrupting financial power holders are just the start of an unprecedented movement of movements stepping up to challenge the corrupt elite in order to drive the urgent changes we need for survival of life on this planet.”

“In this new phase of Extinction Rebellion, we are connecting across groups to build a stronger climate alliance aimed at community resilience, inclusivity and fairness for all living beings. By linking up everyone who stands for a just and rapid response to the climate crisis we will create a formidable opposition. People are determined to challenge the misuse of power which threatens to bring an end to all life if we do not stop it.”

Barclays’ AGM was targeted by activists because the bank is the largest financier of fossil fuel expansion, heavily funding new fossil fuel exploration and drilling, while issuing net zero pledges. 

According to Rainforest Action Network and Greenpeace since 2016 Barclays has been the worst bank in Europe for fossil fuel financing. In 2022 alone, the bank provided over $16 billion to coal, oil, and gas companies, and $190 billion since the Paris Agreement, making it the seventh largest fossil fuel funder in the world.

Barclays has said it is committed to aligning its financed emissions with the goals of the Paris Agreement, but in reality the bank has no policy dictating how it should reduce its financing of the oil and gas sector. Barclays is one of the only major UK banks  which has not started the process of restricting financing for new oil and gas, putting it at odds with competitors HSBC, Lloyds, and NatWest.

XR announce a tactical change for 2023 - disruption no longer the primary tactic: 'relationships over roadblocks'

 In a press release this morning Extinction Rebellion announce a move away from disruption as a primary tactic. They say:

When XR burst onto the scene four years ago, few could have imagined the seismic shift it would bring about in the climate movement, the climate conversation, and the world at large. 

But despite the blaring alarm on the climate and ecological emergency ringing loud and clear, very little has changed. Emissions continue to rise and our planet is dying at an accelerated rate. 

The root causes? A financial system prioritising profits over life, a media failing to inform the public and hold power to account, and a reckless government entrenched in corruption and suppressing the right to protest injustice.

As we ring in the new year, we make a controversial resolution to temporarily shift away from public disruption as a primary tactic. We recognise and celebrate the power of disruption to raise the alarm and believe that constantly evolving tactics is a necessary approach. What’s needed now most is to disrupt the abuse of power and imbalance, to bring about a transition to a fair society that works together to end the fossil fuel era. Our politicians, addicted to greed and bloated on profits won’t do it without pressure.

We must be radical in our response to this crisis and determined in our efforts to address the climate and ecological emergency, even if it means taking a different approach than before. In a time when speaking out and taking action are criminalised, building collective power, strengthening in number and thriving through bridge-building is a radical act. XR is committed to including everyone in this work and leaving no one behind, because everyone has a role to play. This year, we prioritise attendance over arrest and relationships over roadblocks, as we stand together and become impossible to ignore.

The conditions for change in the UK have never been more favourable – it’s time to seize the moment. The confluence of multiple crises presents us with a unique opportunity to mobilise and move beyond traditional divides. No one can do this alone, and it’s the responsibility of all of us, not just one group. It may be uncomfortable or difficult, but the strength of all social, environmental, and justice movements lies in working together. As our rights are stripped away and those speaking out and most at risk are silenced, we must find common ground and unite to survive.

It’s no secret that those in power are hoarding wealth and power at the expense of ordinary people, while ignoring the consequences of their greed. Emissions continue to rise, but they couldn’t care less. But people do care, and changes to democracy that free and empower the voices of the people through Citizens Assemblies could balance the tables and bring about the positive societal tipping point we all need.

Choose Your Future – 21st April and beyond – The Big One – Houses of Parliament – 100,000 people. 

Read more here.