For several days, members of the associations Friends of the Earth Côte-d’Or and ATTAC21and committed citizens for the climate cover the advertisements of the climaticide banks imposed in full view on the billboards of the bus shelters.
For the past few days, members of the Friends of the Earth Côte-d’Or and ATTAC21and committed citizens for the climate cover the advertisements of the climaticide banks imposed in full view on the billboards of the bus shelters. The message is twofold:
- denounce the toxic publicity of the banks which strongly support the fossil industry,
- Reiterate the public request to the mayors of the Dijon metropolis and to its president François Rebsamen, not to renew the advertising contract on bus stops and advertising signs called “ lollipops “, which ends in 2022. This measure will put an end to the advertisements for multinationals and the overconsumption that pollute the streets of Dijon. The proposed solution is to create a commission to validate the content of the information present on the future Dijon aubettes, reserved for local businesses.
Climaticidal banks, explanations
The climate impact of French banks is considerable. In the first three places of the most polluting French companies, we find BNP Paribas, Société Générale and Crédit Agricole, each of which has a carbon footprint greater than that of France.
They play a major role in financing the economic model of the past, which emits a lot of greenhouse gases.
The international Banking On Climate Chaos report revealed in March 2021 that BNP Paribas, Societe Generale, Crédit Agricole and the group BPCE have in total almost doubled their coal, oil and gas financing between 2016 and 2020 – i.e. an average of +19 % per year. In 2020, they are the first European financiers of fossil fuels.
Finance is a fundamental lever for limiting global warming below the critical level of 1.5°C, but it persists in slowing down the transition: it is the economic sector that has the greatest carbon impact.
100 billion to destroy the climate
A study by Friends of the Earth France and Oxfam France shows that since January 2020, BNP Paribas, Société Générale, Crédit Agricole and the Banque Populaire Caisse d’Epargne group granted 100 billion dollars in financing to companies active in coal, oil and gas. Their best clients are the eight oil and gas majors, which have captured 25 % of the total of these financings. BNP Paribas alone financed these majors for 12 billion dollars.
The four major French banks have also all increased this financing, from 22.5 % on average between 2019 and 2020. This increase is the result of a jump in their issuance of stocks and bonds on behalf of fossil fuel companies. They have thus enabled large polluting groups to raise capital quickly and on a large scale on the financial markets. At the top of the list of companies that have benefited from it, we find here again the majors and in particular PBwhich in 2020 received $7.8 billion in funding from BNP Paribas, Crédit Agricole and Societe Generale.
And the Paris Agreement ?
Addiction to major French banks represents a proven climate hazard. These few multinationals continue to bet massively on the development of hydrocarbons – a sector which captures more than 90 % of their capital expenditure, and have no intention of giving it up. While in an attempt to green their image, they have all made climate commitments, none of these announcements even come close to the goals of the Paris Agreement.
AXA I AM (AXA Investment Managers) manages more than 869 billion euros in assets and is one of the main insurers in the oil and gas sector. AXA I AM announced during the COP26 the end of its support for unconventional hydrocarbons, but nevertheless retains the right to invest in the companies responsible for more than 56% of the oil and gas expansion currently planned. Yet theOUCH (The International Energy Agency) clearly states that achieving international climate goals requires no further development of new oil and gas fields. AXA I AM must therefore exclude from now on companies opening new oil and gas fields.
Overdisplay: citizens take action
Knowing the environmental impact of these companies, Friends of the Earth Côte-d’Or, ATTAC21accompanied by volunteer citizens, undertook to over-display all their advertisements present on the bus shelters.
The technique consists in fixing, with adhesive tape, posters showing the true face of these banks. A non-violent act without degradation to denounce the investments of these multinationals and inform the inhabitants of the metropolis.
We are asking these companies to no longer advertise themselves in the streets of the metropolis as long as they continue to have climate-killing investments and to Mr. François Rebsamen, president of Dijon Métropole, to commit to local booths on which he can there be local and eco-responsible economic information, or associative and cultural information.
Friends of the Earth Côte-d’Or and ATTAC21