Petition for Sustainable Banking

April 5, 2011

Blog readers may be interested by the following petition (an initiative from BankTrack, Friends of the Earth, and other NGOs):

http://www.makefinancework.org/home/sustainable-banking/

“Deep sea oil, dirty coal mining, obsolete nuclear plants, arms trade, human rights abuses – your bank could be financing environmentally and socially destructive businesses. It doesn’t have to be that way. In July 2011, the European Commissioner for banking, Michel Barnier, will publish a proposal to implement the new “Basel III” rules for banks into European law. These rules aim to make the banking system more robust and stable. Tell Michael Barnier to include sustainability criteria in the proposal – to encourage banks to reconsider dangerous investments and to invest more into sustainable businesses, such as renewable energy producers and social entrepreneurs. Sign the petition now!” (from makefinancework.org April 2011)

3 Responses to “Petition for Sustainable Banking”

  1. danielbeunza Says:

    Fabian — in the past three years there has been no shortage of people condemning banks and promoting renewable energy and social entrepreneurship. Why do you think this particular petition is interesting? And… are you in favor or against it?

  2. Fabian Says:

    I would say that the most interesting aspect of this initiative is its particular aim and the moment in which it intervenes: it seeks at contributing to providing Michel Barnier with as much input as possible for the political handling of Basel III. My opinion is that pluralistic input on this topic should be very much welcome by the European Commission.

  3. Creditwindow Says:

    Interesting petition – I guess this is really targeted at businesses that currently affect the environment and the condemnation of banks that offer financial support or services to them.

    Not a bad idea – but are the banks the right people to go after? Surely european governments would have more impact…


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