Central bank: YOU DID IT !

Unprecedented victory

A,

This is HUGE. After a year and a half of campaigning, Europe’s most powerful central bank has finally decided to address the climate crisis!

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Today, with its new monetary policy, the European Central Bank becomes the first large central bank to lay the ground to ditch fossil fuel finance!

A, this is a huge win for people power! During months, thousands of you across Europe have taken action together to make this happen. You’ve signed petitions, emailed decision makers, called them on social media, answered surveys, chipped in to empower the campaign, and so much more… You just never gave up.

If there are many reasons to celebrate this massive progress, we can’t stop here: the new policy has too many potential loopholes and the timeline is not ambitious enough.

The bank needs to go further and faster. The disastrous consequences of the climate... crisis can’t be put on hold.

With your help, we’ll prepare for next steps to make sure that:

  • The ECB’s new policy will be followed by concrete action.
  • All climate wreckers are excluded from its portfolio.
  • All central banks will follow the ECB’s lead on climate.
  • We’ll keep challenging the banks to go further and faster!

A, yesterday’s announcement is an unprecedented move and a strong message to all financial actors around the world: the era of fossil finance is coming to an end.

Let’s keep up the good work, A. Can you help us with a monthly gift to turn this victory into a climate revolution in the banking sector?

Thanks for all that you do,
Leyla, Fatah and the Team at SumOfUs


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More information:

ECB to flex its financial muscle in climate change fight
Reuteurs. 8 July 2020. ECB Pledges to Inject Climate Considerations Into Its Decisions
Bloomberg. 8 July 2020. EU's COVID recovery spending should be guided by green finance plan: experts
Euractiv. 8 July 2020. European Central Bank shifts inflation target upwards to 2% The Guardian. 8 July 2020.


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