By Steve Goldstein
Climate activists painted the Bank of England black on Thursday, accusing the central bank of not doing enough to limit climate change.
Activists from the group Extinction Rebellion said they used biodegradable paint to protest bank funding of fossil fuels. The City of London police said it arrested one person for criminal trespass and three others for criminal damage. There were similar protests across Europe, including at the Banque de France.
Extinction Rebellion said the Bank of England hasn’t regulated banks and holds investments consistent with 3.5-degrees Celsius of warming by the end of the century. The Bank of England this year is stress testing the resilience of the largest banks, insurers and the financial system to different possible climate pathways, and said it supports developing consistent international reporting standards for climate risks.
Of U.K.-listed banks, Barclays /zigman2/quotes/208409333/delayed UK:BARC +0.15% has provided $145 billion in fossil fuel financing since the signing of the Paris climate accords, according to BankTrack, a nonprofit group. HSBC Holdings /zigman2/quotes/203901799/delayed UK:HSBA -0.12% has provided $111 billion, Standard Chartered /zigman2/quotes/200125072/delayed UK:STAN +1.38% has provided $31 billion, NatWest /zigman2/quotes/209265718/delayed UK:NWG +0.54% has provided $13 billion, and Lloyds Banking Group /zigman2/quotes/202285510/delayed UK:LLOY +1.25% has provided $12 billion.
The broader market was quiet heading into the long Easter weekend. The FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.81% rose 0.5% in midday trade, led higher by companies geared to a reopening economy. Melrose Industries /zigman2/quotes/210306391/delayed UK:MRO +0.53% , the owner of aerospace components maker GKN, rose 5%, as did British Airways owner International Airlines Group /zigman2/quotes/208070069/delayed UK:IAG +0.61% . Engine maker Rolls-Royce /zigman2/quotes/203646520/delayed UK:RR +2.02% added 3%.
Deliveroo Holdings /zigman2/quotes/225812915/delayed UK:ROO +1.16% declined nearly 2% in London in its second day of trade, after slumping 26% in the initial day of trade for the food delivery company.