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Santander: Commit to end all new fossil fuel projects

One day before its online Annual General Meeting, a group of four environmental organisations has urged Banco Santander to strengthen its commitment to help fight the climate crisis, by committing to end its financing of the fossil fuel industry. The International Institute of Law and the Environment (IIDMA),  BankTrack, Polish Foundation “RT-ON” and Ecologistas en Acción call upon the bank to publicly commit to an immediate end of its financing of all new oil and gas projects as it has already done for coal, and publishes a comprehensive phaseout plan for its existing oil and gas portfolio.

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Ask banco Santander to commit to increased ambition in the fight against the climate emergency!

.@bancosantander needs to commit to increased ambition in the fight against the climate emergency and publish a comprehensive phaseout plan for its existing fossil fuel portfolio. #Santander. From 2016 to 2019 @bancosantander has injected almost 26 billion USD into companies responsible for climate change, and it was one of the European banks with the biggest percentage increase in fossil financing. Read more about it here: bit.ly/2USdDUx #SantanderFossilBank #SantanderAGM

"We know that the money flows from the financial sector are destroying biodiversity, exacerbating climate change, driving the anthropocene that leads humanity out of our safe operating space. If we continue on this path the human species is in danger. It is essential that banks like Santander become aware once and for all and act in accordance with their statements and commitments."

Director of the International Institute of Law and Environment (IIDMA), Ana Barreira

"Polish state-owned companies have been ignoring the need for urgent coal phase out for more than 10 years now. PGE, the biggest of them with more than 90% of electricity generated from coal burning has finalised 1,8 GWe of hard coal power plants in 2019. Even in 2020 it is still building a new lignite unit at Turów which pushes the company to prolong lignite extraction at a nearby mine until 2044. Banco Santander has been providing unconditioned support for PGE expansion ever since September 2015 and nothing signals any change on the horizon."

Kuba Gogolewski, senior finance campaigner at Polish Foundation “RT-ON”

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