XRI Holds Fossil Fuel Funders to Account

On 9th May 2024, a group of XRI activists met in St Stephen’s Green. Our target was the nearby Mansion House, official residence of the Lord Mayor of Dublin. There the annual members’ dinner of the Irish Funds Industry Association was being held, in the historic Round Room that was built to receive King George IV in 1821.

The Irish Funds Industry Association counts among its members Vanguard, BlackRock and State Street, considered to be the Big Three index fund managers which play a dominant role in corporate America. Together they account for $661 billion of fossil fuel investments. The association also includes JP Morgan Chase and Citi Bank, banks which are among the so-called “Dirty Dozen” - the 12 banks which dominate the financing of fossil fuels. The association boasts direct links to policy makers and regulators, and a close working relationship with the Central Bank of Ireland and all relevant Irish government departments.  It’s ironic that the Round Room is where the First Dáil assembled on 21 January 1919 to proclaim the Irish Declaration of Independence. 

It was a warm sunny evening in the Green, and the big old trees were at their leafy best. We sat on the grass chatting, while readying ourselves for what might lie ahead. Suddenly it was time to set off for our target. 

The Mansion House is in Dawson Street which runs parallel to Dublin’s famous Grafton Street. It is itself a busy thoroughfare on a Thursday evening with its popular shops and restaurants.  We spread ourselves along the pavement in front of the building and unfurled our XR flags and banners. There is no doubt we attracted a lot of attention from the passers-by.  Eyes lit up when they saw they were witnessing Extinction Rebellion in action. Our impact was further bolstered by the arrival of the Garda Public Order Unit, who poured out of the back of a van wearing stab vests. They needn’t have worried, but the optics were impressive, and having them there was very reassuring for us; after all we’re the ones who were sticking our necks out, standing up against the rich and powerful for the benefit of all.

Meanwhile, two of our brave activists had glued themselves to the main gate and to each other, effectively blocking access. Another two had glued themselves to another two  entrances. All four sported signs listing a different asset management company in the Irish Funds Industry Association and the amount that company has invested in fossil fuel development.The guests in their glamour and finery were obliged to turn and walk along the line of banners demanding they stop funding climate chaos, and use a back entrance down an alley. Some guests gave us a blank smile, others averted their gaze, but there was no ignoring our enthusiastic drumming and chanting. We were pointing the finger at the greedy companies they represent.

By now the protest was in full swing. With the help of a megaphone, we called out to the funders of fossil fuels the damage they are doing. Some passers-by signalled their appreciation. We proudly struck up in a rousing cry of defiance, “Power to the People”. The percussion section played no small part in pounding out our message, leaving all in no doubt that it was the dinner-goers who were out of step.

Holding such a protest can be daunting and unpredictable, but together we did it. Our action not only succeeded in raising awareness; it also strengthened and united us.

by C. O’Reilly

Photo by K Handy

Photo by K Handy

Photo by JJ Perez

Main entrance to the Round Room with two the glued-on activists and security guard
Photo by K Handy