#DefundFossilFuels targeted banks, investors, and governments providing financial support to oil, gas, and coal companies, demanding capital redirection to renewable energy.

Financial Flows

Despite Paris Agreement commitments, world’s 60 largest banks provided $4.6 trillion to fossil fuels (2016-2021). JPMorgan Chase, Citi, Wells Fargo, and Bank of America led financing. Governments subsidized fossil fuel industry $7 trillion globally in 2022 (IMF estimate) through direct subsidies, tax breaks, and externalized costs.

Campaign Tactics

Activists protested bank branches, closed accounts publicly, pressured institutional investors (pension funds, universities, foundations), and shamed politicians accepting fossil fuel donations. Defund campaigns targeted specific projects: Chase financing Enbridge Line 3 pipeline, Credit Suisse funding Arctic oil, Deutsche Bank backing coal plants.

Victories & Setbacks

Several banks announced fossil fuel restrictions: HSBC ended thermal coal financing (2021), BNP Paribas restricted tar sands, ING pledged oil/gas reduction. However, loopholes persisted—banks financed companies rather than specific projects, evading accountability. Fossil fuel financing increased post-pandemic as energy prices spiked.

Systemic Critique

Activists argued capitalism’s profit imperative made voluntary bank reforms insufficient—regulation and public banking required. The movement connected climate action to financial system transformation: fossil fuel dependency was embedded in economic structure prioritizing short-term returns over planetary survival.

Justice Frame

Defund campaigns emphasized global south bore climate costs while northern banks profited from fossil fuel investments. Indigenous communities faced pipeline construction financed by Wall Street. The hashtag linked climate action to economic justice, anti-colonialism, and challenging financial industry power.

https://www.bankingonclimatechaos.org/ https://www.theguardian.com/