The link between Russia’s power and fossil fuels has become strikingly clear so let's double down on our efforts to cut off all funding for fossil fuels - especially those with ties to the Kremlin.
Several companies are pulling out of Russian partnerships, but Deutsche Bank in Germany for example invested US$781 million in Irkutsk Oil Company in Siberia, weeks after Putin began amassing troops at the Ukrainian border. If Deutsche Bank withdrew from Russian oil and gas and encouraged other big banks across Europe to do the same - it would add to the mounting pressure on Putin to pull back and accelerate the phase-out of all fossil fuels.
Let’s call on the banks to stand in solidarity with the heroic resistance of Ukrainian citizens by immediately dropping their investments in fossil fuels - first and foremost Russian oil and gas.
Add your name to tell the banks: stop funding the climate crisis. Put people above polluters!
Not sure yet? Click here to read more...
The urgency to cut our reliance on fossil fuels could not be more pressing right now. The latest UN climate report released contains an alarming warning: our heating planet is already causing widespread disasters and the situation is rapidly getting worse. But one thing is strikingly clear - with drastic emission cuts, we can still avoid the most catastrophic impacts.
The fastest way to do that is to cut off the funding for fossil fuel projects such as Total’s massive crude oil pipeline in East Africa and the devastating fracking taking place in Vaca Muerta, Argentina. Big banks will continue to invest in fossil fuels, putting profits before people, unless we create enough public pressure to stop them.
Together with allies in the climate movement, 350 are naming and shaming the worst banks who are doing business with fossil fuels - like Deutsche Bank. It makes perfect sense for us to give them an additional push to urgently break ties with Russian oil and gas in solidarity with Ukrainian citizens who are calling for this kind of support in addition to immediate humanitarian aid.
To be clear, we're not only calling for banks to drop Russian fossil fuel investments but all fossil fuel financing - everywhere. We know that this pressure on finance institutions is working as it has already played a major role in diverting funds away from fossil fuels. Building on this momentum is one of the best ways we can support the fight for climate justice right now.