Extinction Rebellion Protests BNP Paribas’ Fossil Fuel Investments in Ghent
Activists urge BNP Paribas Fortis to end financial support for fossil fuels amidst ongoing climate crises.
GHENT – Members of Extinction Rebellion staged a protest at the BNP Paribas Fortis office in Ghent on Saturday morning.
The environmental group claims that the bank continues to maintain substantial investments in fossil fuels, deforestation, and the arms industry.
Approximately fifty demonstrators participated in the event, some donning costumes as "red rebels" while others performed a die-in to dramatize their message.
The demonstration proceeded without incident, contrasting with prior protests in Antwerp and Bruges that resulted in the arrest of three participants.
Extinction Rebellion asserts that BNP Paribas provided $12 billion in fossil fuel financing in 2023, targeting projects in the Arctic Region among other areas.
The group contends that the bank’s financial ties to major fossil fuel companies such as TotalEnergies, ExxonMobil, and Chevron significantly undermine the goals set forth in the Paris Agreement.
Additionally, the activists highlighted that BNP Paribas is the sole European financial institution funding Elbit Systems, which supplies weaponry used in Israeli military actions affecting Palestinian territories.
They argue that this financial support contributes to what they describe as genocidal policies under the actions of the Israeli government.
Founded in 2018, Extinction Rebellion focuses on major financial institutions and their investment choices in fossil fuel industries.
The group refers to the "Banking on Climate Chaos" report from 2023, which identifies BNP Paribas among the leading European banks that financed fossil fuel initiatives to the tune of $20.8 billion from 2016 to 2022. The bank has indicated a commitment to reducing financing for oil and gas, yet continues investments in TotalEnergies’ Arctic drilling and East African pipeline projects.
Criticism directed toward BNP Paribas also stems from its financial relationship with Elbit Systems.
According to Dutch monitoring organization Profundo, BNP Paribas provided over $500 million in credit to the defense company from 2018 to 2023. The ongoing conflict between Israel and Palestine, which has led to more than 34,000 Palestinian deaths as reported by the Gaza Health Ministry, has intensified scrutiny on financiers of the arms industry.
The protests conducted by Extinction Rebellion are part of a broader European climate activism landscape, which includes legal actions such as the case Klimaatzaak v., where a Belgian court ruled against the government's climate strategies for being insufficient.
The movement advocates for financial institutions to align their practices with the Paris Agreement’s climate goals, emphasizing the necessity to cease the growth of fossil fuel industries by 2030 if global warming is to be limited to 1.5 degrees Celsius as outlined by the Intergovernmental Panel on Climate Change (IPCC).
The environmental group claims that the bank continues to maintain substantial investments in fossil fuels, deforestation, and the arms industry.
Approximately fifty demonstrators participated in the event, some donning costumes as "red rebels" while others performed a die-in to dramatize their message.
The demonstration proceeded without incident, contrasting with prior protests in Antwerp and Bruges that resulted in the arrest of three participants.
Extinction Rebellion asserts that BNP Paribas provided $12 billion in fossil fuel financing in 2023, targeting projects in the Arctic Region among other areas.
The group contends that the bank’s financial ties to major fossil fuel companies such as TotalEnergies, ExxonMobil, and Chevron significantly undermine the goals set forth in the Paris Agreement.
Additionally, the activists highlighted that BNP Paribas is the sole European financial institution funding Elbit Systems, which supplies weaponry used in Israeli military actions affecting Palestinian territories.
They argue that this financial support contributes to what they describe as genocidal policies under the actions of the Israeli government.
Founded in 2018, Extinction Rebellion focuses on major financial institutions and their investment choices in fossil fuel industries.
The group refers to the "Banking on Climate Chaos" report from 2023, which identifies BNP Paribas among the leading European banks that financed fossil fuel initiatives to the tune of $20.8 billion from 2016 to 2022. The bank has indicated a commitment to reducing financing for oil and gas, yet continues investments in TotalEnergies’ Arctic drilling and East African pipeline projects.
Criticism directed toward BNP Paribas also stems from its financial relationship with Elbit Systems.
According to Dutch monitoring organization Profundo, BNP Paribas provided over $500 million in credit to the defense company from 2018 to 2023. The ongoing conflict between Israel and Palestine, which has led to more than 34,000 Palestinian deaths as reported by the Gaza Health Ministry, has intensified scrutiny on financiers of the arms industry.
The protests conducted by Extinction Rebellion are part of a broader European climate activism landscape, which includes legal actions such as the case Klimaatzaak v., where a Belgian court ruled against the government's climate strategies for being insufficient.
The movement advocates for financial institutions to align their practices with the Paris Agreement’s climate goals, emphasizing the necessity to cease the growth of fossil fuel industries by 2030 if global warming is to be limited to 1.5 degrees Celsius as outlined by the Intergovernmental Panel on Climate Change (IPCC).
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