While Swedish Banking Giant SEB keeps pumping billions into expanding fossil fuel companies, financial regulators such as Riksbanken fail to introduce safeguards to protect society from this reckless gamble. Read how the Nordic climate justice movement took decisive action to claim back power over finance.
Finance – Sweden’s biggest pillar of the fossil industry
Dangerous fossil fuel projects are pushing the world into irreversible climate breakdown. They harm people, pollute ecosystems and destroy the living world we all depend on. Fossil fuel expansion accelerates the climate crisis, yet the Swedish bank SEB (“Sämsta Enskilda Banken”) continues to lend money to expanding fossil fuel companies. Therefore, it is not surprising that it was ranked the worst Swedish Bank in the latest “Banking on Thin Ice Report”.
Marcel, an activist who was part of the action, states that “By targeting fossil finance, we are directly attacking the support system that is needed for dangerous fossil fuel expansion. SEB provides the financial means that are needed for fossil fuel extraction and expansion.”
SEB blocks our future – we block SEB
In the early morning of the 1. April a group of concerned youth took decisive action by putting their bodies in the way of SEB’s destructive business as usual. Acting in solidarity with those affected by continued fossil fuel expansion and the climate crisis, activists peacefully blocked the entrance to SEB’s AGM, handed out flyers and engaged in talks with shareholders to inform how the bank’s dangerous fossil fuel policies are driving the climate crisis. A group of activists also carried these demands and messages inside the AGM, disrupting the meeting.
“We have been in dialogue with SEB since over a year, but all we get is empty promises while the bank continues to put profit over people’s lives and the planet. This madness must stop! So, we choose our right to peaceful protest to call SEB out.”, said Tone Martinsdotter, spokesperson of the coalition.
Direct action works!
Our actions are the driver of societal change. While they probably ruined the day of those with decision making power inside the bank, we received a lot of media coverage and support from shareholders speaking up in our favour during the AGM. We want to thank them for this first brave step and hope to further stay in contact to challenge and end SEB’s destructive business.
Protect society – regulate
There is no financial stability during an ecological collapse. An artistic intervention in front of the oldest Central Bank of the World,
the Riksbank, outlined this fact once again. Financial regulators can no longer ignore their role and must take decisive action to
rein in irresponsible bankers before the climate crisis spirals out of control. Banks will not on their own nor timely enough cut off
their relations with fossil fuel corporations.
We are demanding that banking regulations end the financing of fossil fuels to create safe and fair conditions for all Swedish banks.
We need to join forces across struggles
Through this action week our coalition against fossil finance grew stronger, more powerful and committed to put pressure on
those with financial decision-making power until all pillars of support for the fossil fuel industry fall. We strive to make finance work
for the people, not billionaires and those who already have way too much.
Only together we can achieve this, so if you or your group is interested in joining this fight, get in contact with us via contact@endfossil.finance or join our telegram channel to be kept up to date.
Are you an SEB employee or shareholder?
We want to reassure you that our actions are not targeted against you, rather those withdecision-making power in the bank. From the many conversations we had, we know that many of you support our demands and share similar values for the future of the planet and society. We want to further empower you with this opinion in the safest way possible, to build collective power against the financing of fossil fuels, for the sake of SEB as a bank and society as a whole.
This is your chance to play a key role in fighting the greatest challenge of our time – the climate crisis! Now is the time to raise your voice and get in contact with us!
