Change Finance -  -

Peoples' Forum for
Climate Justice and Financial Regulation

Fossil fuel gamble

Banks and insurers pour billions each year into the fossil fuel industry, fuelling climate change, exploitation and human rights violations. As a result people and the environment suffer. Adding insult to injury, when their reckless gambles fail, it’s us ordinary people who need to bail them out – while so many are already struggling to pay our rising bills.

This is why Change Finance will go to Basel this year. Together with a coalition of frontline communities, NGOs campaigning on finance regulation, and grassroots climate movements, we are organising a special edition of the Change Finance Forum as part of the “Peoples’ Forum for Climate Justice and Financial Regulation” on the 22-25 of June. The event will take place around the annual meeting of the Bank for International Settlements (BIS) in Basel, Switzerland, on June 25.


Join us in Basel

You want to change the global financial system and call for an end to fossil finance? Then sign up for the Peoples’ Forum. On the website, you will have more information about the Forum, the possibilities to participate and you can register to attend.

What is the Peoples’ Forum?

In the run-up to the annual general meeting of the BIS, the People’s Forum from 22-25 June will host a diverse programme of workshops, strategic discussions and street actions. In Basel, we want to grow an international movement to democratise the global financial system by centring the experiences of frontline and most affected communities.

Together, we will learn, protest, and discuss how to move away from fossil fuels, and how to change our energy and financial systems. We dream of prosperous communities with decentralised local solutions. We demand wealth to stay with the people rather than in the hands of energy companies and profit-driven private financial interests.

Are you in solidarity with our fight for land, water and environment? Do you also want to stop the financing of fossil fuels? Then join us to make Basel a collective moment for financial reform and climate justice.


Questions and Answers

What is the BIS?

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.

Who is the Global Coalition Facing Extractivism?

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.

What is the One-for-One rule?

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.


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