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This is a decisive moment: The European Central Bank (ECB) is finally considering taking action to address the climate crisis. They could help end the era of fossil fuel finance.

But Jens Weidmann doesn’t seem to agree. He’s the head of the German central bank - the Bundesbank - and a member of the ECB’s leadership. Unless we push him to do the right thing, he might use his power to block a new, fossil-free strategy for the European Central Bank.

Over the past year we’ve been demanding that the European Central Bank cut their support to the fossil fuel industry. As a result of our collective action, Christine Lagarde, the President of the European Central Bank, has been speaking out in favour of ambitious climate action [1]. But Lagarde is facing fierce opposition from other powerful figures within the ECB, including the heads of some of the national central banks. The position of the Bundesbank will be crucial.

Since the Covid-19 pandemic hit Europe, the European Central Bank has provided billions of euros in support to the fossil fuel industry [2]. To have a chance of keeping global warming below 1.5°C, we must keep coal, oil and gas in the ground where they belong -- it’s a matter of survival. Ending fossil fuel finance is how we do it - and the ECB, and now also the Bundesbank, are the key. Wiedmann just recently said that "central banks don't have a magic wand to save the planet" [3] - well, we think they might.

We can still change Wiedmann's mind. He takes his duties seriously, and has a reputation for using power responsibly. If thousands of us call on him to respond to the urgency of the climate crisis he might listen.

Please sign this urgent petition and join thousands of others across Europe in demanding that Jens Weidmann and the German central bank stop blocking climate action at the European Central Bank, and instead choose people over polluters.

Sources:

[1] Euractiv

[2] The Guardian

[3] Bundesbank on Twitter