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From publishing our report A Green Bank of England in 2018, to mobilising activists outside the Bank as part of the #DefundClimateChaos coalition on the eve of COP26, Positive Money has always been at the forefront of the fight to redirect financial flows away from dirty fossil fuels and towards an economy that puts people and planet above profit. Because there is no financial stability on a burning planet.

This pledge from Rachel Reeves - to upgrade climate in the Bank of England’s remit - is exactly the kind of commitment we need to hold the Labour party to account in the future.

By combining research and policy proposals, building strong networks, gaining press coverage and shining the light of public pressure from our amazing community of supporters, we know we’ve got the tools we need to win change from powerful institutions. Now we need to build capacity so we can keep on winning like this for months, years, and decades to come.

If you can John, please chip in and make a one-off or monthly donation today to help us keep fighting for an economy that puts people and planet above profit.

Chip in to help us keep winning

Thanks again for all your support,

Hannah, Positive Money

Here’s the email we sent about this last week:

This week Andrew Bailey officially hit the halfway mark in his 8 year term as Governor of the Bank of England. Sadly so far, there hasn’t been much to celebrate.

Despite winning a green mandate for the Bank back in 2021, Bailey has been dragging his feet on aligning the UK financial system with our climate goals. Just last month he told the House of Lords' Economic Affairs Committee that the Bank has ‘slimmed down’ its resources on climate change. After living through 2023 - the hottest year on record - it’s just not good enough Hannah. [1]

So we organised over 50 leading economists and civil society voices to call on Bailey and the Bank to "take decisive action and re-prioritise climate work as a matter of urgency". [2]

With press coverage in The Mirror, The Independent, and The Standard. A big thanks to Greenpeace, WWF, ActionAid, economists Ann Pettifor and Jason Hickel, author George Monbiot, Julia Steinberger (to name just a few) and dozens more for signing! 💜

Right now, our financial system is designed so that big banks and corporations can make huge profits by investing in fossil fuels. But the Bank of England has the power to change this.

Combating the climate crisis sits squarely in the Governor of the Bank of England’s job description, because there is no financial stability on a burning planet.

The Bank of England is publicly owned, that means it answers to us. At a time when so many of us are concerned about dangerous floods, deadly heatwaves, and soaring energy and food bills, it’s infuriating that money is still being funnelled into oil and gas projects that will only make climate change worse.

We need the Bank to step up, and use its power to follow its democratically decided climate goals to transform our financial system. That’s the case we made in this letter, and it’s the case we’ll keep on making so that unlocking billions for a just and green transition remains a priority not just this week, but for the rest of Bailey’s term.

Thanks for your support,

Hannah, Positive Money

Notes

[1] Positive Money: Big Win: new green mandate for the Bank of England

Green Central Banking: BoE trims back work on climate change

Met Office: 2023: the warmest year on record globally

[2] Positive Money: Over 50 experts tell Bank: push forward with climate work

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