CLIMATE ACTIVISTS SILENTLY PROTEST ZURICH-SPONSORED BLOOMSDAY EVENT IN BLACKROCK

Through 1904-style placards, banners and leaflets they called on Zurich to divest its Pension Funds from Fossil Fuels to stop driving climate breakdown 

6:30pm, 16th June, Blackrock, Dublin, Climate activists with Extinction Rebellion Ireland (XRI) conducted a short, silent protest in Blackrock Village Centre in the pre-show leadup to a Zurich-sponsored dramatised adaptation of James Joyce's Ulysses. A few minutes before the start of the play, some activists began handing out leaflets to the people assembled, while others faced the crowd, silently holding up a banner, early 1900's-style placards and XRI flags. The banner read "Divest our Pensions from Fossil Fuels" and the placards included quotes from Ulysses. One placard read "Zurich, where's your 'Agenbite of inwit'" (meaning "remorse of conscience") referring to Zurich's part in driving climate disasters by funneling large amounts of Irish pension-holders' savings into the fossil fuel companies responsible for global warming. As they left the shopping centre escorted by security, before the play started, they broke into a chant of "Zurich, you have got to see, pensions should be fossil free".

According to sustainability disclosure documents 8.8% of Zurich’s pension fund assets are invested in the fossil fuel industry - more than any other major pension provider in Ireland. Zurich does not offer any fossil-free pension options to its pension holders, most of whom are trapped in a company scheme and can’t switch to another provider that offers sustainable options.

Recent analysis by the Business Post revealed that Ireland's main private pension providers have at least €9 billion invested in the fossil fuel sector.  To meet the Paris Agreement target of limiting warming to 1.5°C above pre-industrial levels, nearly 60% of our existing oil & gas reserves and 90% of coal reserves must remain in the ground. Yet Irish pensions are heavily invested in companies like Shell and Chevron that are actively exploring for new fossil fuel reserves. 

One of the activists, Moyna Staunton, a retired school principal and grandmother, said "It's outrageous that Zurich Life continues to invest our pension funds in fossil fuels this far into the climate crisis. With this kind of lack of corporate responsibility, is it any wonder that we now only have a 1% chance of keeping warming to 1.5°C above pre-industrial levels?  We’re facing such a bleak future if we don’t slash greenhouse gas emissions and it’s our kids, grandkids and future generations who are going to have the worst of it. It makes me furious that companies like Zurich are actively making that future worse. That’s why I felt compelled to be here as part of this protest today demanding Zurich divests from fossil fuels.” 

Fossil fuel companies have engaged in a massive, decades-long campaign to promote doubt & misinformation about climate change and to block climate action both in Ireland and globally. They’re doing this in the service of their shareholders, mostly institutional investors like Zurich.

Ireland's main private pension providers are Zurich Life, Irish Life, New Ireland, Aviva and Standard Life, making up about 95% of the market. In February, Extinction Rebellion Ireland crashed the Irish Association of Pension Funds annual black-tie dinner in Dublin 4, catching the organizers off-guard as pre-dinner speeches were interrupted by the activists demanding that Irish pension providers divest their funds from fossil fuels.

XRI activist, Angela Deegan, a retired I.T. worker from Drumcondra said, “Extinction Rebellion Ireland believes strongly in the power and importance of art and we use the arts ourselves to creatively communicate the crisis we’re in and to demand action. Where we have an issue is with sponsorship of arts events by companies that have terrible practices. It’s great to see this play celebrating Joyce’s masterpiece. What’s bad is that it’s sponsored by Zurich - a company that pumps vast sums of money into climate destruction, and then spends relatively tiny amounts supporting the arts to rehabilitate their image.”

Moyna Staunton added,  “We have to put loads of pressure on Zurich to divest from fossil fuels. It appears that seeing the devastating effects of global warming play out across the world and indeed here in Ireland is not enough to make them do the right thing. I’d urge anyone who has any business with Zurich or who works for them to speak up and pressure them to divest from fossil fuels.”

In company pension schemes, a significant amount of power to effect change is held by a small number of people - namely employers and their pension providers. Activist Sean Loughran, a father of three from North County Dublin who has invested in a company pension for 35 years, said, “I feel like I have no control over where my hard-earned money is going. I have a pension because I want to ensure financial stability in my future, but a pension scheme that invests in climate breakdown feels like a contradiction. I want a pension for my future, not against it”.

According to the latest Central Bank Climate Observatory report, which assesses how climate-related risks and climate policies affect the economy and financial system, the CO2 intensity of insurance corporations and pension funds resident in Ireland (194 tonnes per million euros) is 20% higher than the euro area average (162 tonnes). 

Moving Irish pension funds away from fossil fuels would allow pension-holders to have a real impact on the climate crisis. Choosing a climate friendly pension has 21 times the combined effect of giving up flying, switching energy providers and becoming vegetarian according to the UK not-for-profit campaign group Make My Money Matter. 

The greenwashing of pension plans has made it more difficult for workers and employers to make more sustainable investments. According to the European Union's own insurance and occupational pensions regulator, over six in ten EU consumers don’t trust the sustainability claims of the pensions industry, or believe they are misleading.

Ireland's national pension reserve fund was completely divested from fossil fuels following the Fossil Fuel Divestment Act 2018 but this did not impact private-sector pensions. The 2019 Climate Action Plan, in response to the Paris Agreement, created Action 12 to consider how to require pension providers like Zurich “to provide an option to pension-holders to opt for a fund which does not include fossil fuel”. However, the Department of Employment Affairs and Social Protection quietly dropped the proposal and it was never implemented.

Traditional investing often disregards the side effects of its funds in the name of maximising profits, when in fact, there is evidence of sustainable funds outperforming traditional ones.       

Security asking us to leave

Leaving before the play

At the Zurich offices following protest at Blackrock Village Centre

-END-

GIANT ‘STOP SHANNON LNG’ BANNER DELIVERS STRONG MESSAGE DURING LIMERICK’S RIVERFEST

Saturday, 3rd May, Clancy’s Strand, Limerick City, Activists from Extinction Rebellion Ireland (XRI) and the Stop Shannon LNG coalition hung a hand-painted, 14m wide “Stop Shannon LNG” banner depicting an LNG tanker and a bottlenose dolphin. The city was crowded with Riverfest festival-goers, and many were curious about the banner. The activists took the opportunity to engage with them about the looming threat of Ireland getting locked into decades more of climate-wrecking fossil fuel usage, due to a liquefied natural gas (LNG) terminal being planned - with the Shannon Estuary being the most touted location. The activists dispersed leaflets sharing the message that allowing LNG terminals would be disastrous for the climate, for communities suffering the devastating consequences of fracking where the gas is sourced and would endanger a key habitat for bottlenose dolphins.

The dramatic banner and related outreach form part of a ramping up of activity by XRI and the broader Stop Shannon LNG coalition following a series of recent decisions that have moved Ireland closer to LNG terminals becoming a reality - undoing years of tireless anti-LNG and anti-fracking campaigning by groups and local communities. In early March, the Government approved a plan to develop a floating State-led liquefied natural gas (LNG) terminal and ended the 2021 Government policy which had banned the importation of fracked gas. March also saw Shannon LNG Ltd’s application for a 600MW gas powerplant on their 600 acre site on the Shannon estuary approved and An Bord Pleanála (ABP) withdraw its appeal of the High Court’s overturning of the ABP denial of Shannon LNG Ltd’s application to build an LNG terminal at the site. 

Claire Connolly of XRI said, “As a young person, I’m sick of the Government and the planning system making decisions that condemn me to a terrifying future. Ireland was already way off track on our climate targets, but by supporting an LNG terminal and throwing out the ban on importation of fracked gas, this Government has completely abandoned the climate. It’s obvious they only care about keeping greedy data centre and fossil fuel company bosses happy - ensuring that US data centres in Ireland have a steady supply of dirty US fracked-gas-powered electricity. It’s madness and we all have to stand up to this if we care about young people and future generations”

Shannon LNG Ltd’s parent company is US giant, New Fortress Energy. In the company’s latest annual report, it laid out plans to leverage the land it owns in Ireland to build energy-hungry hyperscale data centres. Data centres already use more energy than all Irish urban households combined and their energy bills are subsidised by Irish taxpayers. 

In addition to huge climate and environmental impacts, LNG terminals are highly explosive and can present a terrorist target. According to a report by the US Council on Foreign Relations, both LNG tankers and the terminals they serve are potential terrorist targets “because of LNG’s explosive potential”. 

LNG terminals are also a proven threat to public health. LNG terminals can poison surrounding water and land, resulting in health problems such as exposure to radioactive materials, cancer, cardiovascular and respiratory illness.

Over its life cycle, LNG produces up to 33% more emissions than coal. This is due to the energy required to compress the gas into liquid, the methane which leaks into the atmosphere during the extraction, processing and transportation of LNG and the fuel burned in the huge tankers which carry it to its destination - on top of the carbon dioxide released when it’s burned.

Sinéad Sheehan of Futureproof Clare said, “The Government’s emergency-use label for a state-led terminal is a complete red herring to make an LNG terminal sound more palatable. LNG isn’t designed to be stored long-term. Even the Government itself has admitted that the full capacity of the terminal would have to be fed into our gas network even in non-emergency times. For context, the facility, when it’s full, would have enough energy to supply 200,000 homes for 6 months. So ultimately we’re talking loads of fracked gas going into our grid to fulfill data centre demand not demand from households”.

She further stated, “Alternatives to LNG - like community-owned renewable energy initiatives that give returns to local citizens are possible. The cost of the state-led terminal, which is estimated at €300 million, and then €60 million annually for operation, should be put into developing those alternatives - not into multi-billion dollar extractivist companies, while the local community and environment suffer”.

The government has acknowledged that its “strategic gas emergency reserve” in the form of an LNG terminal would have to be “refilled up to 6 times per year” because “natural evaporation, known as boil-off, is unavoidable when natural gas is liquefied, and the generated boil-off gas must be removed to preserve the tanks' pressure.” 

Councillor Eddie Mitchell of Love Leitrim said, “In 2017, after tireless campaigning by Love Leitrim and many other environmental groups, fracking in Ireland was banned because of its terrible public health and environmental effects. If Ireland gets an LNG import terminal, it could end up being converted for export and we could see that ban overturned to allow fracking for gas here in Ireland to supply that terminal. We just need to look around the world. For instance the fracking ban in Victoria, Australia, is under threat because of the argument that it’s more economical to frack locally rather than import LNG, and to use the existing LNG terminal for exports as well as imports.”

Kerry native and long-time XRI activist, Maureen O’Connor said, “It is imperative that the Irish public do not let an LNG terminal go ahead, by opposing it on all fronts. We are calling for people to use their voice to protect local communities, our wildlife, the environment and future generations by contacting their TDs, Senators and Councillors to assert their opposition to LNG.”

The Shannon LNG coalition comprises multiple grassroots groups fighting the construction of a fracked gas import terminal in Ireland. These include Ecojustice Ireland, Futureproof Clare, Gluaiseacht, Love Leitrim, Not Here Not Anywhere, Safety Before LNG, Slí Eile, Future Generations Kerry and Extinction Rebellion Ireland.

XRI invites the public to go to the Stop Shannon LNG coalition’s website - stopshannonlng.ie - to learn more about the threat of LNG and how they can help stop it. 

END

Hand-painted banner hanging at Clancy’s Strand, Limerick City

CLIMATE ACTIVISTS CRASH DUBLIN 4 BLACK-TIE PENSION FUNDS EVENT DEMANDING DIVESTMENT FROM FOSSIL FUEL

27th February, 8pm, Dublin, attendees of the Irish Association of Pension Funds (IAPF) annual black-tie dinner at the Clayton Hotel Burlington Rd were caught off-guard as pre-dinner speeches were interrupted by a group of Extinction Rebellion Ireland (XRI) activists demanding that Irish pension providers divest their funds from fossil fuels. The group of 20 activists stormed into the ballroom, accompanied by drumming and made their way up to the stage holding banners reading "Divest Our Pensions From Fossil Fuels". They then launched into their own brief speeches demanding that Irish pension funds stop fuelling the industry that's most to blame for the greenhouse gas emissions that are driving the escalating climate crisis. The individual speeches were punctuated by a chorus of activists shouting "We are here to make you see, pensions should be fossil free!". After wrapping up their speeches, the activists did a lap of the ballroom while chanting and drumming before exiting. 

Recent analysis by the Business Post revealed that Ireland's main private pension providers have at least €9 billion invested in the fossil fuel sector.  To meet the Paris Agreement target of limiting warming to 1.5°C above pre-industrial levels, nearly 60% of our existing oil & gas reserves and 90% of coal reserves must remain in the ground. Yet Irish pensions are heavily invested in companies like Shell and Chevron that are actively exploring for new fossil fuel reserves. 

One of the activists, Sean Loughran, a father of three who has invested in a company pension for 35 years, said "It's outrageous that Irish pension funds continue to be invested in fossil fuels this far into the climate crisis. We're here to make these pension companies look in the mirror, make them reassess what they're doing and change course.”

Ireland's main private pension providers are Irish Life, New Ireland, Aviva and Standard Life, making up about 95% of the market. According to sustainability disclosure documents 8.8% of Zurich Life's pension fund assets are invested in the fossil fuel sector, 7.4% of Irish Life's, 6.1% of Aviva's, and 5% of New Ireland's. (Standard Life has not begun to disclose its sustainability metrics yet.)

Fossil fuel companies have engaged in a massive, decades-long campaign to promote doubt & misinformation about climate change and to block climate action both in Ireland and globally. They’re doing this in the service of their shareholders, mostly institutional investors like IAPF’s members.

In company pension schemes, a significant amount of power to affect change is held by a small number of people - namely employers and their pension providers. Mr Loughran added, “I feel like I have no control over where my hard-earned money is going. I have a pension because I want to ensure financial stability in my future, but a pension scheme that invests in fossil fuels feels like a contradiction. I want a pension for my future, not against it”.

Moving Irish pension funds away from fossil fuels would allow pension-holders to have a real impact on the climate crisis. Choosing a climate friendly pension has 21 times the combined effect of giving up flying, switching energy providers and becoming vegetarian according to the UK not-for-profit campaign group Make My Money Matter. 

Twenty-two-year-old activist and student, Claire Connolly, said "As a young person, why would I consider investing in a pension when it would be actively endangering my future? A pension is supposed to offer a safe, secure future but it doesn't look like that to me".

The greenwashing of pension plans has also made it more difficult for workers and employers to make more sustainable investments. According to the European Union's own insurance and occupational pensions regulator, over six in ten EU consumers don’t trust the sustainability claims of the pensions industry, or believe they are misleading. Current EU regulated classification systems allow investment in fossil fuels and nuclear power to be classified as green. 

In terms of State money, Ireland's national pension reserve fund was divested from fossil fuels following the Fossil Fuel Divestment Act 2018. However, Ireland's new auto-enrollment pension scheme, to be introduced in September, will funnel vast sums of state money into private pension funds that are heavily invested in fossil fuels - a huge step backwards.

The 2019 Climate Action Plan, in response to the Paris Agreement, created Action 12 to consider how “to provide an option to pension-holders to opt for a fund which does not include fossil fuel”. However, the Department of Employment Affairs and Social Protection quietly dropped the proposal and it was never implemented.

Extinction Rebellion activist and teacher Ian Mac an Ghaill asserted: “The government’s laissez-faire approach to the pension industry has undermined the Paris Agreement and worsened the climate crisis. There are employees and employers who want to adopt sustainable pensions but it’s impossible as long as pension providers refuse to offer fossil-free options.” 

Traditional investing often disregards the side effects of its funds in the name of maximising profits, when in fact, there is evidence of sustainable funds outperforming traditional ones. 

Holly Eustance, a participant in the action who is also a new pension holder poses the question: “What kind of a legacy do these companies want to leave? If the pensions industry continues funding fossil fuels, they will be complicit in the destruction of our planet for all young people and future generations. We're asking them to take decisive action now to divest pension funds from fossil fuels. Let’s remember, there are no pensions on a dead planet.”            

END

Resources:

https://www.businesspost.ie/news/revealed-the-e9-billion-fossil-fuel-footprint-in-irish-private-pensions/ 

https://www.irishtimes.com/your-money/2024/08/28/do-you-care-if-your-pension-is-funding-oil-companies-and-weapons-makers/ 

https://www.friendsoftheearth.ie/assets/files/pdf/divest_ireland_divestment_guide.pdf 

https://www.irishexaminer.com/news/arid-41413192.html 

https://www.thejournal.ie/fuelling-retirement-5953105-Jan2023/

https://www.eiopa.europa.eu/document/download/b8e20202-b1f6-41a9-9df8-f3cf8a9e96f9_en?filename=Consumer%20trends%20report%202022.pdf

https://www.nature.com/articles/s41586-021-03821-8 

https://www.theguardian.com/environment/2018/jul/12/ireland-becomes-worlds-first-country-to-divest-from-fossil-fuels 

Photo by: Ombre Reynolds

Photo by: Ombre Reynolds

Photo by: Ombre Reynolds

Photo by: Ombre Reynolds

Photo by: C Connolly

Climate Activists Disrupt Keynote Speech at 'Data centres Ireland' conference

20th November 2024, 10 am at RDS, Dublin, as seated conference goers looked on, a group of climate activists from Extinction Rebellion Ireland (XRI) disrupted Data Centres Ireland's annual conference, by interrupting keynote speaker Barry Lowry. Mr Lowry is the Chief Information Officer for the Irish Government. His talk was titled 'A contextual commentary on AI's contribution to Ireland's data centres industry.' Activists stood up in front of the stage and chanted messages including "We don't want AI Taking Palestinian lives" and ''Genocidal projects, Lavender and Nimbus".  The chants reflect that AI is being used for nefarious and unlawful purposes.  The group demands a moratorium on data centres in Ireland, as they already use 21% of the country's electricity and many are investing in on-site, private fossil-fuel generation.

Simultaneously a larger group from XRI linked arms in front of the building entrances, impeding conference goers' entry to the annual data centre conference. They blocked the doors holding banners between them and chanting their demands for a moratorium on the building of new data centres.  The protestors remained in place until threatened with arrest. They then joined Friends of the Earth Ireland, Ireland Palestine Solidarity Campaign, Not Here Not Anywhere and others in protesting outside the gates of the RDS, holding banners reading "No More Data Centres,'' and  "Moratorium now".

This is the third time XRI has targeted this conference, to draw attention to the rapid growth of data centres in Ireland, which they say is incompatible with climate action.  Ireland currently has 92 data centres in operation, and this year their electricity usage overtook the total amount used by Irish households.  The total electricity usage of data centres has risen from 5% of Ireland's grid in 2015 to 21% in 2023. The EU average for this figure is 2%. 1, 2

Protestor Thomas Morelli, an apprentice mechanic from Dublin said, 'The ongoing genocide of Palestine is being facilitated and worsened by the development of AI. Project NIMBUS and Project Lavender are two examples. Ireland also exports a considerable amount of data storage space to Israeli entities - this is unacceptable and inhumane'

Protestor, Tom Spillane, a student from Limerick said, "The growth of data centres here is out of control.  Of course a certain amount of the data stored in data centres is important. However, the vast majority of the data is 'junk data' - approximately 90% of it is digital junk, used for advertising stuff we don't even need and for mass user surveillance.''

He continued, 'We have to press pause on the growth of data centres. The energy demands of data centres are running rampant and our grid has reached capacity. The government has been allowing data centres to build their own private gas-fired power stations to power them under the "Private Wires" programme. This is outrageous."

Protestor Maureen O'Connor, a retired teacher living in Newbridge said, 'The continued and accelerated development of data centres in Ireland is devastating. There is no chance of us meeting our EU 2030 energy reduction targets with continued development of data centres in Ireland. This will result in billions of Euros in fines, which the taxpayer will pay the brunt of, while big techs profits will continue to soar.'

Fiachra, an XRI protester and agriculture worker from Dublin, said "The growth in AI is causing a huge energy demand at a time when we need to be focusing on degrowth to transition away from fossil fuels.  All the renewable energy generation Ireland has developed in the past year has immediately been far outstripped by the growth in data centres and their power usage, making them incompatible with climate action."
Fiachra continued, "Many of the societal effects of AI seem to only contribute to further wealth concentration, insecure working conditions and privacy violations.  We have to ask are any of the benefits of this technology worth jeopardising our chances of a liveable future?"

1. https://data.oireachtas.ie/ie/oireachtas/libraryResearch/2024/2024-07-23_spotlight-data-centres-and-energy_en.pdf
2. https://bitpower.ie/images/Reports/2024_Q4_Market_Update_Ireland_v1-2.pdf

- END -

ACTIVISTS USE DUBLIN-NY PORTAL TO CREATIVELY HIGHLIGHT THREAT OF LNG

24th August 2024, 5pm, Dublin Extinction Rebellion Ireland (XRI) staged a coordinated  international anti-LNG (Liquefied Natural Gas), anti-fracking protest today at the Dublin - New York Portal with activists from Sane Energy, New York. Irish protesters chanted “from Dublin to NYC, we say no to LNG” and “New Fortress Energy, we don't want your LNG”. Both sides communicated with each via hand signals and shared sound files. On the New York side, activists displayed banners opposing fracking and other banners highlighting their ongoing fight against an LNG storage facility in Greenpoint, Brooklyn. Protestors on the Irish side symbolically shut down a “gas pipeline”.

US groups have been vocal in their support of the Irish anti-LNG campaign, and actor Mark Ruffalo has regularly stepped in to urge the Irish government to ban LNG. In June he said on twitter:

“greenparty_ie should not break its promise & move forward w/ gov’t funded LNG import terminal. The US gov’t has a ban on LNG export permits while it assesses the national security & climate risks. Why isn’t Ireland doing the same?”

Today's action was in response to pre-application talks between American Company New Fortress Energy and An Bord Pleanála regarding a planning application for a Floating Storage and Regasification Unit (FSRU) off the coast of Ireland - following the rejection of the company’s previous application last September and the Energy Security Review report last November recommending a “temporary” LNG import terminal as a gas reserve. Fracking was banned in Ireland in 2017 but is still commonly used to extract gas and oil in the USA. 

Ian Mac an Ghaill, XRI rebel and teacher, said:

“This action highlights the shared grievances of anti-fracking, anti-LNG activists from across both sides of the Atlantic and the madness of considering Liquefied Natural Gas (LNG) storage as an energy security solution, when the overarching threat to a secure future is the climate crisis. Methane leakage and energy-intensive processing means that LNG is more polluting for the climate than coal. Bringing LNG fossil fuel infrastructure to Ireland for the first time risks locking us into highly polluting dirty energy for decades to come. We need a cleaner, brighter, gas-free future.”

Priscilla Grim from Sane Energy New York said:

“We gather here today to connect New York City to Dublin in the inspiring spirit of the Portal project. We stand united with our friends across the Atlantic who also oppose toxic LNG projects on their shores. Known data on LNG pipelines reveals that in the average year there are nearly 6,000 pipeline explosions, fires and leaks, causing 300 deaths and over 1,000 injuries in the US. We say no to this toxic substance in our communities.”

Thomas Morelli, XRI Arts Coordinator said: 

"The government must reject the Energy Security Package 2030 recommendation to build a state-led LNG terminal. They must introduce a policy to unconditionally ban all LNG terminals, in line with the May 2021 policy statement on the importation of fracked gas, and in line with the Programme for Government."

Photo by M Sedlmayr

Photo by M Sedlmayr

Photo by M Sedlmayr

Photo by K Handy

Photo by M Sedlmayr

Extinction Rebellion call out J.P. Morgan’s sponsoring of Crusaders Athletic Club’s 5K as an Unholy Alliance

The climate rebels embarrass the Company and the Club by highlighting the title sponsor’s status as world’s #1 financier of fossil fuels since the Paris Agreement

Photo by Alessandro Summer

Sir John Rogerson’s Quay, Dublin, 11th July 2024, 7:45pm As about 2,000 runners assembled, awaiting the start of the Docklands 5k, a group of Extinction Rebellion Ireland (XRI) activists with banners and flags, drummed and gave speeches, drawing their attention to the fact that the race’s main sponsor is the world’s  number one financier of fossil fuels since the signing of the 2015 Paris Agreement and urged them to contact race organisers - Crusaders Athletic Club - to tell them not to take sponsorship from JP Morgan in the future. The activists pointed out the irony that, due to sea-level rise caused by the climate crisis, the course of the race is likely to be under water within the lifetime of many of the runners. 

The activists held a large banner emblazoned “J.P. Morgan – sponsoring Crusaders AC’s 5K & Climate Chaos” with an image of Beckett Bridge and runners being submerged in rising water. One speech referred to the fact that access to Crusaders' home stadium in low-lying Ringsend is likely to be under water within a few decades. A three-metre-high scythe-wielding, skull-headed “climate reaper” puppet covered in the logos of fossil fuel companies that JP Morgan has financed, symbolised the death and destruction caused by the climate chaos that JP Morgan is funding. The reaper danced to the beat of the drumming. Other activists wearing bibs saying “JP Morgan, Climate Chaos Champion” and “JP Morgan Divest from Fossil Fuels" handed out leaflets headed “JP Morgan and Crusaders AC - an unholy alliance”, and spoke with runners and onlookers about the sponsor’s status as the number one financier of fossil fuels since the signing of the Paris Agreement, with fossil fuel financing totalling $430.9 B from 2016 to 2023. 

Photo by Alessandro Summer

JP Morgan also ranks worst among banks committing financing to companies with fossil fuel expansion plans. Earlier this year, JP Morgan announced that they would leave the Equator Principles, which set minimum standards on risks to the environment and local communities in countries where they finance oil, gas, coal, infrastructure, and mining projects. 

Photo by Alessandro Summer

XRI’s Trisha Kiersey, a grandmother from Shankill said “I do not think it is appropriate for a leading Dublin athletics club to accept sponsorship from a climate laggard such as JP Morgan. With the rising profile of Irish athletics on the European and world stage, I’m sure there are other more suitable sponsors out there who would be willing to lend their name to the Docklands 5K in the future.”

Photo by Alessandro Summer

The 2023 IPCC synthesis report states that no more fossil fuel sources can be opened if we’re to avoid a significantly worsening climate crisis. It states that three billion people live in areas that are “highly vulnerable” to climate breakdown and half of the global population now experiences severe water scarcity for at least part of the year. It warns that in many areas, “we are already reaching the limit to which we can adapt to such severe changes”. 

Photo by Alessandro Summer

The activists accused Crusaders AC of “sportwashing” JP Morgan’s public image. “JP Morgan sends billions of dollars to fossil fuel companies each year, causing massive environmental problems, and they think they can counteract all the bad publicity by giving a few thousand here and there to sports groups like Crusaders” said activist Sean Loughran of Balgriffin.

Photo by Alessandro Summer

XRI wrote to Crusaders last year asking them to revise their sponsorship policy to exclude companies with ties to the development of fossil fuels but did not receive a reply. Activist Angela Deegan from Drumcondra, said, “I ask Crusaders to think, in the future, do they want to be part of the solution to the crisis or part of greenwashing the problem. And with the climate crisis escalating, how long before it gets too hot for athletes to compete in these 5Ks?”

- END -

Resources:

Banking on Climate Chaos 2023 - Banking on Climate Chaos 

https://www.ipcc.ch/report/sixth-assessment-report-cycle/

EXTINCTION REBELLION ACTIVISTS GLUE THEMSELVES TO MANSION HOUSE ENTRANCES DISRUPTING BLACK-TIE DINNER FOR TRILLION EURO FOSSIL FUEL FUNDERS

Dinner-goers forced to use back entrance as activists demand asset management member organisations stop funding fossil fuels 

9th May 2024, Mansion House, Dublin: From 7:15pm, there was confusion and anger among guests arriving for the Irish Funds Industry Association's annual members' dinner at the Round Room as they found the entrances blocked by Extinction Rebellion Ireland (XRI) activists. Event-goers were forced to use the back door as protestors swarmed the main entrances holding banners reading "STOP FUNDING CLIMATE CHAOS" and "CLIMATE EMERGENCY". Other protestors drummed and chanted,  "A trillion euros in coal and oil, divest now before we boil". Their demand was that the many asset management companies that are members of the Irish Funds Industry Association (Irish Funds) divest from fossil fuels - investments that, as of January 2023, totalled over $1.23 trillion (€1.14 trillion at the then exchange rate)*.  

The Irish Funds member companies with the largest investments in fossil fuels were singled out for the strongest criticism. These included the top three - Vanguard, BlackRock  and State Street - which alone accounted for $267 billion, $261 billion and $133 billion respectively of the total fossil fuel investments. Irish Funds also counts many of the so-called “Dirty Dozen” banks as members, including JP Morgan Chase and Citi. The “Dirty Dozen” are 12 banks that dominate the financing of fossil fuels. 

At the Dawson Street gate, two activists dressed as dinner-goers had their hands glued together and the other hand glued to the gate. Another activist was glued to a side entrance. To gain access to the Round room for the 7:15 pre-dinner drinks and 8pm dinner, event-goers were forced to walk to the back of the building and enter through a back entance.

One of the glued-on activists, "Nan", a retired school principal from Westmeath said, "We won't stay quiet and let these people sit around wining and dining in their fancy suits and gowns, congratulating themselves on how rich they've gotten from selling off the future of our planet. If they want to keep making money out of fossil fuels then we're not going to make it easy for them. It's too bad if we ruin their swanky dinner plans - sure they could always try the takeaway round the corner if they don't want a quiet meal - they do a great spice bag. And maybe they can spare a thought for the millions suffering from the food shortages and famines that their investments in fossil fuels are already causing."

Following recent successes brought about by prolonged and intense pressure from campaigners, such as the announcement by Barclays Bank that it will stop direct financing of new fossil fuel projects, XRI continues to target large financial institutions demanding divestment from fossil fuels.

Father of three, and tech worker, Seán Loughran, who was glued on at a side entrance said, "For decades, Irish Funds members like JP Morgan Chase and BlackRock have funded fossil fuel projects despite all the science we have on their destructive impact. Barclays didn't decide to stop financing fossil fuels because their shareholders suddenly grew a conscience. No, it was down to people out on the street applying pressure trying to make a difference. But we need loads more people getting out there. We all need to work together to put a halt to runaway climate change, to fight for our future and our children's future."

Father of two, stay-at-home parent, and writer Oran Doyle said, "I find it astonishing that, even though the International Energy Agency warned in 2021 that there can be no new investments in oil, gas and coal if we're to reach net zero emissions by 2050, these companies are still doing it. They're investing in new projects and in exploring for additional oil and gas reserves. They know that these reserves can't be used without blowing past our remaining carbon budget for 1.5 degrees, but it's still happening."

Ireland has experienced a number of extreme weather events over the past year, with record rainfall attributed to increased sea temperatures in the North Atlantic. Recent research has shown that rainfall intensity in Ireland is increasing at a rate of 8.2% per degree of global warming. Globally, every month since last June has been the warmest such period on record. Last month, the long-term trend of human-caused global warming was cited as a factor for the heavy rainfall which devastated the North-western region of Kenya killing 71 people. 

Protestor and software engineer, Juan José Perez, whose family in Colombia have been affected by both flooding and water scarcity, said, "The thought of some of the biggest global asset management companies that are funding climate destruction sitting down to wine and dine with their cronies is sickening. The contrast between this elite, black-tie affair and the carnage being wreaked by climate disasters is overwhelming. We have to disrupt these companies and take away their social license to force them to divest from fossil fuels. We will continue to be loud and disruptive until these companies stop derailing our future by funding fossil fuels."

Besides driving the climate crisis, according to the Global Energy Monitor, new oil and gas developments are also at high risk of becoming stranded assets — meaning premature or unanticipated closing, due to market or other forces.

Today's action follows XRI protests demanding divestment from fossil fuels in March at the Banking & Payments Federation Ireland conference and in 2023 at the Dublin offices of BlackRock, J P Morgan and CitiBank.

Resources:

*The €1.14 trillion figure is calculated from data on Irish Funds member organisation investments in coal, oil and gas companies listed on the Global Coal Exit List (GCEL) or the Global Oil & Gas Exit List (GOGEL). Data was collected in January 2023 and aggregated on group level (see Resource 1). 

(1) https://investinginclimatechaos.org/data

(2) https://www.bankingonclimatechaos.org/

(3) https://extinctionrebellion.uk/2023/11/27/barclays-banks-superglued-shut-in-nationwide-action-against-climate-criminals/

(4) https://www.reuters.com/world/uk/barclays-adopt-fresh-curbs-oil-gas-financing-2024-02-09/

(5) https://www.irishtimes.com/environment/climate-crisis/2024/03/26/rain-rain-and-more-rain-what-is-driving-the-recent-wet-weather-ireland-has-been-experiencing/

(6) https://www.agriland.ie/farming-news/humans-are-changing-irelands-climate-maynooth-research/

(7) https://www.thejournal.ie/global-temperature-streak-hottest-april-on-record-6373786-May2024/

(8) https://edition.cnn.com/2024/04/29/africa/kenya-floods-mai-mahiu-intl-hnk

(9) https://www.irishmirror.ie/news/irish-news/climate-activists-smoke-bomb-dublin-32269841

Activists blocking the main gate to the Round Room with security guard in foreground
Photo by C Carney

Outside the Gate to the Fire House Restaurant - an entrance which diners started to use after realising the main entance was blocked, but which soon got blocked by a quick-thinking activist
Photo by C Carney

Garda Public Order Unit arrives
Photo by K Handy

Irish Funds Industry Association members being forced to enter their annual dinner by going around the back of the Mansion House.
Photo by K Handy

Photo by K Handy

EXTINCTION REBELLION DECRY JP MORGAN FOR FUNDING CLIMATE CHAOS IN DISRUPTIVE CONVENTION CENTRE PROTEST

Monday March 4th, 8:45am, Convention Centre, Dublin 1: A group of 30 protesters led by Extinction Rebellion Ireland (XRI) protested JP Morgan as conference goers arrived for a Banking & Payments Federation Ireland (BPFI) conference - of which JP Morgan is a major sponsor. A two metre high scythe-wielding, skull-headed “climate reaper” puppet, covered in the logos of fossil fuel companies that JP Morgan has financed, symbolized the death and destruction caused by the climate chaos that JP Morgan is funding. Protestors held banners emblazoned with skulls and fire, set off smoke bombs, drummed and chanted as they demanded that the company stop funding climate chaos. They also decried BPFI's legitimizing of the company by accepting sponsorship from them.

JP Morgan Chase is the world’s number 1 financier of fossil fuels since the 2015 Paris Agreement while its asset management division is one of the top investors in major oil and gas companies. A 2023 fossil fuel finance report states that JP Morgan Chase provided over $434 billion globally in fossil fuel finance between 2016 and 2022, putting them at the top of the “Dirty Dozen” - 12 banks that dominate the financing of fossil fuels. A 2023 assessment of asset managers’ climate action reports that JP Morgan Asset Management has bonds and shares totalling $25.7 billion in fossil fuel developers. A 2022 report on asset managers, fossil fuels and climate change lists them as one of the top investors in the 12 major oil and gas expansion companies.

Last month, JP Morgan Asset Management announced their departure from Climate 100+, an investor-led initiative "to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change". Dr. Alex Nico-Katz, scientist and XR Rebel said,

"By dropping out of Climate 100+, JP Morgan has shirked from taking even the slightest responsibility for its destructive actions. They talk up their investments in renewables, but they're talking out of both sides of their mouth. The simple fact is that JP Morgan is a huge financer and funder of fossil fuels and the emissions caused by burning fossil fuels are setting us on an apocalyptic path of climate catastrophe. Today, we remind conference hosts and attendees of this reality and that it is infinitely more pressing than any of our day-to-day work dealings. Those working within the financial industry have more power than most to make a real difference. All banks must stop financing fossil fuel companies immediately and asset managers must stop investing in fossil fuels."

Dr Johnny Collins of Irish Doctors for the Environment which supported today's protest, said,

"Investing in fossil fuels is actively destabilising our planet even further and jeopardising human health and human lives. The climate crisis is in every way a health crisis”.

Last month, Barclays bank, as a result of prolonged and intense pressure from campaigners over the bank's destructive energy policy, announced that it will stop direct financing of new fossil fuel projects. Protestor, retired university administrator and XRI rebel Trisha Kiersey of Shankill, Co Dublin said,

"I'm here today protesting because I know that activism can and does make a difference. We see it with the Barclays announcement. But we need lots more people out protesting and getting engaged in this fight for our future. When your children and grandchildren ask you what you did to stop runaway climate change, you're going to want to be able to look them in the eye and say you did what you could."

In 2023, XRI consistently targeted JP Morgan for their fossil fuel funding. In June, they called out their sponsorship of the Docklands 5K run - proceeds of which went to Crusaders Athletic Club - as an exercise in image laundering. Conference host, BPFI, is the self-proclaimed “principal voice of banking” in Ireland.

Its Chief Executive, Brian Hayes, said in a speech at COP 26 that “Every financial decision we take as a sector needs to take climate into account. I want to make it crystal clear that climate action is a key priority for BPFI".

Jenni Waldron, administrator and an XRI activist who attended the protest, said,

"The decision by BPFI to accept sponsorship from JP Morgan, the world’s top financier of fossil fuels, puts them in a really bad light. Their CEO said in the past he wanted climate action to be a key priority for BPFI, but I can't believe that when I see JP Morgan's name over this conference".

In the past year, Ireland has experienced a number of extreme weather disasters that can be attributed to climate change. A recent study showed that the extensive flooding caused by Storm Babet in Midleton, which damaged 680 properties, was over twice as likely to happen at current global temperatures compared to pre-industrial times. Professor Peter Thorne, who collaborated on the study, predicts "that in a two-degree warmer world, which is where we're heading, if not beyond, the rainfall will be made even more frequent and even more severe."

- END -

Drumming, chanting and generally protesting JP Morgan outside the Banking & Payments Federation of Ireland conference - sponsored by JP Morgan, top financier of fossil fuels since the Paris Agreement. Photo by A Deegan

The Climate Reaper. Photo by E Connolly

Photo by E Connolly

EXTINCTION REBELLION IRELAND AND PEOPLE BEFORE PROFIT SPILL "OIL" ON STEPS OF JP MORGAN OFFICES DEMANDING THEY DIVEST FROM FOSSIL FUELS

Saturday December 9th, 1pm, Dublin 2: Members of Extinction Rebellion Ireland (XRI) and People Before Profit (PBP) spilled "oil"  from canisters emblazoned “Death by Oil” on the steps of JP Morgan's offices on Sir John Rogerson's Quay as they demanded that JP Morgan Chase divest from fossil fuels, after the US based bank provided $39.2 billion in funding to the fossil fuel industry in 2022.

The action coincided with a Global Day of Action for Climate Justice along the route of a march from Grand Canal Square to the GPO. The march, marking COP 28, was organised separately, by the Climate Justice Coalition, of which XRI and PBP are members and which formed in the run up to COP 26. The Coalition comprises many grassroots social justice and environmental organisations, individuals and trade unions, calling for a Just Transition away from fossil fuels, while protecting the most vulnerable members of society and providing a better life for all. This march passed by the front of the J.P Morgan office on its route and participants cheered to show support for the action on the steps of the building. 

JP Morgan Chase have consistently been ranked among the worst financial institutions for investing in fossil fuels, according to the Rainforest Action Network’s “Banking on Climate Chaos” Report. The most recent report states that JP Morgan Chase provided over $434 billion globally in fossil fuel finance between 2016 and 2022, more than any other bank. JP Morgan Chase are the top of the “Dirty Dozen” - 12 banks that dominate the financing of fossil fuels.

XRI have consistently targeted JP Morgan this year, along with Citi bank and asset management company, BlackRock.  In March, five XRI rebels disrupted J.P. Morgan Dublin’s “Women in Technology” networking event, interrupting it with speeches drawing attention to the harm the company is doing by financing fossil fuel companies. In May, they staged a die-in blocking the entrance to the Irish Funds Global Funds Investment Conference, demanding that the Irish Funds Industry Association expel J.P. Morgan and 13 other major global banks and asset management companies that are among the top funders of fossil fuels. In June, XRI protested at the Docklands 5K run, calling out JP Morgan for sponsoring the event as a way of laundering their image.

Maud Slangen of XRI said:

“This week there were more fossil fuel lobbyists than ever at the 28th COP. This toxic industry that is killing the planet, and blocking urgent climate action is funded by financial institutions like JP Morgan Chase. If the money is taken away they will fall. JP Morgan talk up their investments in renewables, but without divestment from fossil fuels this is meaningless. To secure a livable future we need all banks to immediately and entirely divest from fossil fuels.

We act in solidarity with communities from the Global South being worst affected by the climate crisis while once again being under-represented and ignored on the international stage” 

Paul Murphy TD, climate and environment spokesperson for People Before Profit said:

“Ireland is acting as a conduit for the transfer of billions of euros of investment in fossil fuels and agri-business in the Global South. More than $6 billion is held in bonds and shares in polluting industries by investment managers registered in Ireland. JP Morgan is a key part of this problem. To avoid an unlivable planet we need to stop investing in fossil fuels. The profits of JP Morgan and the richest corporations in the planet must not continue to come before the future of the majority.”

-end-

Extinction Rebellion’s Earth Day ‘slow cycle’ event demands government implement all recommendations of the Citizens’ Assembly on Biodiversity Loss without delay

Dublin, Saturday, 22nd April 2023: Members of the public including members of 51st Skates, iBike, environmental groups and NGOs including Oxfam, joined in a city-centre, family-friendly “Slow Cycle for Biodiversity” event organised by Extinction Rebellion Ireland (XRI). Some wore colourful animal masks and costumes. Others had branches or XR flags attached to their bikes. The demand of the participants was that the government implement all the recommendations of the Citizens’ Assembly Report on Biodiversity Loss without delay. 

The event kicked off at 10am when the group of about 100 began to roll their way on bikes, skates and scooters from the Garden of Remembrance down O’Connell St, eventually finishing up at St Stephen’s Green. They were accompanied by music from loudspeakers. Along the way, some handed out leaflets highlighting nine of the major recommendations of the report. The occasional colourful smoke bomb was let off, adding theatre to the event. At St Stephen’s Green, the crowd had lunch and heard speeches on biodiversity.

“The Citizens’ Assembly Report highlighted what scientists have been saying and the government has been ignoring for years: that Ireland’s biodiversity is in an extreme crisis”, said Sineaid Whelan, XR member and student. “Now that the Citizens’ Assembly has given us concrete measures to combat this crisis, the government must listen to the people and urgently implement these measures”.

XRI’s Leslie Marce said, “The protection of biodiversity is vital to the future of humanity. Unless urgently stopped, the destruction of ecosystems due to climate change, pollution and land use changes will lead to severe consequences, including on human health, but also on food and water supply”. 

Of the 159 recommendations in the Citizens Assembly’s report, issued in the last fortnight, this event drew attention to the following nine recommendations in particular:

• A referendum to amend the Constitution to protect biodiversity.

• Fundamentally reassessing the constitution, goals and operations of Coillte and the 1988 Forestry Act, with biodiversity and community at the forefront of the priorities.

• A designated and effectively managed network of Marine Protection Areas, in line with EU targets of 30% of Ireland's Maritime Area by 2030 at the latest.

• A new national strategy for the protection, maintenance, restoration and expansion of Ireland's network of hedgerows.
  

• An urgent increase in investment by Irish Water to build new, and improve existing, water treatment plants to prevent the unacceptable discharge of raw or partially treated sewage into any fresh or marine waters.
  

• Further subsidised and incentivised organic farming and locally grown produce.
  

• Reducing the use of pesticides in public and private by at least 50%.
  

• Fully implementing and enforcing the cessation of turf-cutting on protected areas.
  

• An immediate timeline on the phasing out, and eventual ban, of the sale of invasive plant species.

The action coincided with protests attended by tens of thousands across Britain from the 21st to the 24th of this month, in a campaign dubbed ‘The Big One’ organised by Extinction Rebellion UK. The UK branch decided to temporarily cease its disruptive actions at the start of 2023, to “prioritise attendance over arrest”, hoping to gain public support, form alliances and build mass attendance for this week’s non-disruptive actions. They say if the UK government does not deliver on their demands by Monday evening, XR UK will resume disruption and plan a campaign of mass civil disobedience. Today huge crowds gathered for ‘The Big One for Biodiversity March’ in central London. 

END

“No 'Women in Tech' on a Dead Planet” - Extinction Rebellion Ireland disrupts J.P. Morgan networking event

Interrupting a Women in Technology event the activists underscored the bank’s hypocrisy in promoting equality while endangering billions of lives with their fossil fuel investments. 

Video of the protest available to download here

Dublin, 24th March 2023: Yesterday evening, five climate activists with Extinction Rebellion Ireland interrupted the proceedings of J.P. Morgan’s Women in Technology event in their offices at Sir John Rogerson's Quay to highlight the company’s guilt in escalating the climate crisis through J.P. Morgan Chase’s role as the world’s top banker in fossil fuels. They demanded that J.P. Morgan divest from all fossil fuel companies and declared that “There are no women in tech on a dead planet”.

With about 40 mostly young women in attendance and panelists seated on-stage ready for the panel discussion to begin, the five female activists seated around the room stood up in sequence, interrupting the host’s introduction. Each activist made a succinct speech, building the case for why attendees should reject J.P. Morgan as a potential employer. They described J.P. Morgan as “part of the machinery that is funding climate chaos and driving the destruction of our planet”, and emphasized the disproportionate effect of climate disasters on women. They also urged existing employees of the company to demand that their employer divest from all fossil fuel companies. 

After their speeches they chanted “J.P. Morgan pick a side, divest now or ecocide” and made their way to the front of the room where they displayed flags with the Extinction Rebellion logo and signs bearing “Women for Climate Action” and “J.P. Morgan Divest”. Eventually the organisers had no choice but to guide attendees out of the room, relocating the event upstairs. The activists remained to talk to staff about their responsibility in the company, before leaving peacefully.

This week saw the release of the 6th United Nations Intergovernmental Panel on Climate Change Assessment Report (AR6) containing the stark warning that “There is a rapidly closing window of opportunity to secure a liveable and sustainable future for all”. The AR6 Summary for Policymakers states “The choices and actions implemented in this decade will have impacts now and for thousands of years.” It adds that “public and private finance flows for fossil fuels are still greater than those for climate adaptation and mitigation”. 

One of the five activists, UCD student Sineaid Whelan, stated “The message from the world's climate scientists couldn’t be clearer. We must immediately slash emissions if we’re to avoid apocalyptic scenarios of climate catastrophe. With our outbursts at this J.P. Morgan event, we jolted the hosts and attendees out of business as usual. Every one of us can and must stand up to the forces of evil that are driving the climate crisis forward. And J.P. Morgan is one of those forces. More of us must demand that they divest from fossil fuel companies.”

According to the Banking on Climate Chaos 2022 report, J.P Morgan invested USD 382.4 billion in fossil fuels in the period 2016-2021, beating out the next biggest financier of fossil fuels by 35%. Their financing in that five year period included USD 225.71 million in the Adani Group which owns the Carmichael coal project - an enormous fossil fuel project violating Indigenous Rights in central Queensland in Australia. In that period they also financed Gazprom, the Russian majority state-owned energy corporation and fossil fuel giant Exxon Mobil Corporation to the tune of USD 4.6 billion and USD 15.3 billion respectively. 

Yet sustainability features prominently on J.P. Morgan’s website. Their stated sustainability commitments include a goal of “transitioning to a low-carbon economy”. However, the company increased their fossil financing by $10 billion between 2020 and 2021. In her speech at the event, Emer Connolly of Drumcondra highlighted the company’s greenwashing. In a statement she said “J.P. Morgan claim they’re taking climate action, but this is pure greenwashing because, of all the banks, they are by far the biggest funder of fossil fuels.“

Other activists at the event pointed out the double-standard of J.P. Morgan trying to attract women to the company, when women make up the majority of the world’s poor and are disproportionately impacted by climate change that is driven in large part by the company’s investments in fossil fuels. They also pointed out estimates that 80% of people displaced by climate change are women - which leads to violence, sexual violence & human trafficking.

Student Síofra Byrne, Dublin said “This is what we know. Fossil fuel emissions are causing climate change. Climate change is endangering the lives of billions of women. J.P. Morgan is funding those fossil fuels. And their answer is to hire more women? If you want the world to be a better place for women then stop setting it on fire.”

Extinction Rebellion Blocks Entrance To Blackrock Asset Management Offices In Action Demanding Fossil Fuel Divestment

Says the company’s fossil fuel investments are escalating the climate crisis

Ballsbridge, Dublin, Mon 27th February, 12pm: As the first step in its nonviolent civil-disobedience 2023 campaign, Extinction Rebellion Ireland (XRI) have taken action against the world's largest asset management company, BlackRock, at the Ballsbridge offices of its Irish subsidiary - to demand that BlackRock stops all new investment in fossil fuels. Activists blocked the main entrance of the building and displayed a banner with the message “BlackRock Divest from Fossil Fuel Ecocide”. 

As of December 2021, BlackRock, a New York Stock Exchange-listed company manages a staggering $10 trillion of other people's money. That’s more than the gross domestic product of every country in the world, except for the US and China. Among the 30 major global asset management companies active in Europe, BlackRock has the largest holdings ($133,466,000) in major oil and gas companies engaged in expansion projects. The company is also the joint biggest bondholder of coal companies with expansion plans.

To coincide with this action, Extinction Rebellion Ireland (XRI) have released an ‘Address to the Nation’. In this video, the group calls on the public to join them in the fight against the climate crisis and demand the change needed.

“The fact that new investments are still being made in fossil fuels at this stage of the climate crisis is obscene. BlackRock is actively profiting from a business that is destroying our collective future. Millions of people are already suffering from extreme weather events & food and water scarcity caused by their greed and short-sightedness. Meanwhile, BlackRock's profits have been rising year on year” said UCD student and XRI activist Sineaid Whelan.

“Every tenth of a degree of warming matters in this climate crisis” said Manuel Salazar from XRI, adding, “We are in a critical time window now where we must urgently act to avoid a level of warming that leads to the worst case scenarios of climate catastrophe. And we can’t just stand by and allow giant, wealthy corporations like BlackRock to jeopardise our chances.”

The activists also wanted to draw attention to “BlackRock’s blatant greenwashing and hypocrisy”, as Sineaid Whelan put it. Blackrock is a member of the Institutional Investors Group on Climate Change (IIGCC) and Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate greenhouse gas emitters take necessary action on climate change. It is also a member of  Glasgow Financial Alliance for Net Zero. However, as recently as October, 2022, in a statement to a British parliamentary committee, the company blatantly stated that it will not stop investing in coal, oil and gas. When asked by the committee about its policy on its fossil fuel holdings, BlackRock told the UK committee that it “expected to remain long-term investors on behalf of clients in carbon-intensive sectors”. A recent ShareAction report found that BlackRock voted against 88% of shareholder resolutions on climate change and climate-related lobbying in 2019/2020. BlackRock has the second worst voting record on climate proposals among the 37 CA100+ companies included in this report.

“Their membership of these groups would lead you to believe that BlackRock cares about stopping the funding of the fossil fuels that are driving climate change. But no, they are trying to have their cake and eat it - appearing on the one hand to care, but when it comes right down to it, refusing to pull the plug on fossil fuel investments. We must stand up to this duplicity.” said protestor Angela Deegan, a retired I.T. worker. 

Protest participant and TCD student, Emer Connolly, stated “With this action, we are demanding a stop to the madness that is investing in fossil fuels”, adding “Governments, fossil fuel companies, and investors in fossil fuel companies must all be held to account if we’re to succeed in slashing greenhouse gas emissions. Extinction Rebellion regularly protests the Irish Government’s lack of adequate climate policies and poor enforcement of climate regulations and demands that fossil fuel companies change their business models away from fossil fuel extraction. With this action today, we’re now holding the biggest investor in fossil fuels to account.” Indeed, following pressure from protests by environmental groups around the world, in 2020, BlackRock agreed to dump certain thermal coal shares from its actively managed portfolios. 

XRI demands the following of BlackRock Asset Management:

• Make fossil fuel expansion a redline in your investment and engagement policies and strategies.

• Establish time-bound demands for fossil fuel companies to stop developing new coal, oil and gas projects, phase down production and adopt short term absolute emission reduction targets.

• Announce sanctions and exclusions for companies that choose not to respond to these demands. 

XRI appeal to BlackRock employees:

• Challenge your employer from the inside  to meet the demands above and protect the environment.

• Organise Walk Outs and raise your voices from the inside.

• Assess your pensions and move away from investments that contribute to the climate crisis.

“Investment in fossil fuels is not only short-sighted but also misses investment opportunities in the renewable energy sector,” said activist and Administrative Assistant, Cría Barry, “If you have savings or pension investments, make sure you ask questions about where they are invested. Asset management companies like BlackRock must stop bankrolling the climate and biodiversity crises. We cannot allow greed for short term profits to be prioritised over the planet’s viability for human and non-human life. There’s no life on a black rock”

XRI rebels Pavels and Sineaid block the front doors of BlackRock, Ballsbridge

-END-