French NGOs want banks to stop investing in fossil fuels

Brut America

"Every euro from our savings account should be invested toward the ecological transition, not toward fossil fuels"   To regain control over finance, these 2 nonprofits want to pass new legislation in France. This is their law proposal.

Transcript

00:00What is the role of the fossil fuel industry in the future?

00:12The reason why the fossil fuel industry continues to prosper today

00:17is that it benefits from both financial and political support.

00:23It benefits from our money,

00:27because when we put money in the bank,

00:30it is not just on our account, but it is used to finance projects,

00:35it is also used to finance the economy.

00:38And so today, this money is used to, for example,

00:44create new fossil infrastructures that deprive us of a possible future.

00:49What is the role of public funding?

01:03There is an opportunity, with this bill,

01:06to ensure that 245 billion euros of public funding

01:10is used transparently.

01:13And each euro must be invested today in projects

01:18for the deployment of renewable and citizen energies,

01:21in the renovation of housing,

01:23since we know that the energy precariousness

01:25affects about 20% of the population,

01:27and sustainable mobility.

01:29What is the role of public funding?

01:45For four months, there has been extraordinary mobilization

01:48in the streets of France to remind the government

01:51and the majority of its obligations.

01:53And in the world, we are part of a very large movement,

01:57since there are already more than a thousand institutions

02:00who have chosen to break their ties with the fossil industry

02:03to say that we must focus on the energies of the future

02:08and that this industry is simply

02:12dragging us into its loss,

02:14and that we must get rid of it as soon as possible.

02:16Today, we have to make polluters pay.

02:18And so the polluters, I'm talking about the total of the fossil industry.

02:23And so if we have to make them pay,

02:25the least we can do would be to stop funding them.

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