Peoples' Forum for
Climate Justice and Financial Regulation

Basel hosts the Bank of International Settlements (BIS), which acts as a coordination body for central bankers. It sets international prudential rules for banks and also hosts the International Association of Insurance Supervisors. It has the power to severely constrain fossil fuel finance, as climate change constitutes a major threat to financial stability.

The annual general meeting (AGM) of the BIS, taking place on June 25, offers an opportunity to protest, learn and grow an international movement to decolonize and democratise the global financial system.

In November 2022, following their participation in the One-for-One campaign, representatives of grassroots movements, frontline communities and indigenous communities from the Global South and occupied territories formed the “Global Coalition of Peoples Facing Extractivism”.

Its purpose is to share experiences and coordinate actions, as well as to create an international platform to support and protect people defending human rights and the environment. They also aim to create stronger ties between collectives in the Global South and the Global North. Together they want to stop the financial flows to mega-projects that cause harm to people and the climate. As part of this effort, they are co-organising the Peoples’ Forum.

The local struggles represented in this coalition are from, Uganda, Tanzania and the Democratic Republic of Congo, Colombia, Senegal, Mexico, Peru, and Argentina.

Banks and insurers enable new coal oil and gas projects by providing the necessary finances. It’s still promising good returns, and it’s cheap for financiers to support, even though these projects are highly risky. If financial supervisors acknowledged the risk, they would make financing of fossil fuels much harder.

A One-for-One rule would force banks to put one euro aside for every euro of investment into fossil fuels. If any of these investments lose value or become stranded – which they might  – the losses will be covered by banks and insurers, not by public money. It’s a feasible and practical solution that won’t have any negative impact on banks other lending.