Dinner-goers forced to use back entrance as activists demand asset management member organisations stop funding fossil fuels

9th May 2024, Mansion House, Dublin: From 7:15pm, there was confusion and anger among guests arriving for the Irish Funds Industry Association's annual members' dinner at the Round Room as they found the entrances blocked by Extinction Rebellion Ireland (XRI) activists. Event-goers were forced to use the back door as protestors swarmed the main entrances holding banners reading "STOP FUNDING CLIMATE CHAOS" and "CLIMATE EMERGENCY". Other protestors drummed and chanted, "A trillion euros in coal and oil, divest now before we boil". Their demand was that the many asset management companies that are members of the Irish Funds Industry Association (Irish Funds) divest from fossil fuels - investments that, as of January 2023, totalled over $1.23 trillion (€1.14 trillion at the then exchange rate)*.

The Irish Funds member companies with the largest investments in fossil fuels were singled out for the strongest criticism. These included the top three - Vanguard, BlackRock and State Street - which alone accounted for $267 billion, $261 billion and $133 billion respectively of the total fossil fuel investments. Irish Funds also counts many of the so-called “Dirty Dozen” banks as members, including JP Morgan Chase and Citi. The “Dirty Dozen” are 12 banks that dominate the financing of fossil fuels.

At the Dawson Street gate, two activists dressed as dinner-goers had their hands glued together and the other hand glued to the gate. Another activist was glued to a side entrance. To gain access to the Round room for the 7:15 pre-dinner drinks and 8pm dinner, event-goers were forced to walk to the back of the building and enter through a back entance.

One of the glued-on activists, "Nan", a retired school principal from Westmeath said, "We won't stay quiet and let these people sit around wining and dining in their fancy suits and gowns, congratulating themselves on how rich they've gotten from selling off the future of our planet. If they want to keep making money out of fossil fuels then we're not going to make it easy for them. It's too bad if we ruin their swanky dinner plans - sure they could always try the takeaway round the corner if they don't want a quiet meal - they do a great spice bag. And maybe they can spare a thought for the millions suffering from the food shortages and famines that their investments in fossil fuels are already causing."

Following recent successes brought about by prolonged and intense pressure from campaigners, such as the announcement by Barclays Bank that it will stop direct financing of new fossil fuel projects, XRI continues to target large financial institutions demanding divestment from fossil fuels.

Father of three, and tech worker, Seán Loughran, who was glued on at a side entrance said, "For decades, Irish Funds members like JP Morgan Chase and BlackRock have funded fossil fuel projects despite all the science we have on their destructive impact. Barclays didn't decide to stop financing fossil fuels because their shareholders suddenly grew a conscience. No, it was down to people out on the street applying pressure trying to make a difference. But we need loads more people getting out there. We all need to work together to put a halt to runaway climate change, to fight for our future and our children's future."

Father of two, stay-at-home parent, and writer Oran Doyle said, "I find it astonishing that, even though the International Energy Agency warned in 2021 that there can be no new investments in oil, gas and coal if we're to reach net zero emissions by 2050, these companies are still doing it. They're investing in new projects and in exploring for additional oil and gas reserves. They know that these reserves can't be used without blowing past our remaining carbon budget for 1.5 degrees, but it's still happening."

Ireland has experienced a number of extreme weather events over the past year, with record rainfall attributed to increased sea temperatures in the North Atlantic. Recent research has shown that rainfall intensity in Ireland is increasing at a rate of 8.2% per degree of global warming. Globally, every month since last June has been the warmest such period on record. Last month, the long-term trend of human-caused global warming was cited as a factor for the heavy rainfall which devastated the North-western region of Kenya killing 71 people.

Protestor and software engineer, Juan José Perez, whose family in Colombia have been affected by both flooding and water scarcity, said, "The thought of some of the biggest global asset management companies that are funding climate destruction sitting down to wine and dine with their cronies is sickening. The contrast between this elite, black-tie affair and the carnage being wreaked by climate disasters is overwhelming. We have to disrupt these companies and take away their social license to force them to divest from fossil fuels. We will continue to be loud and disruptive until these companies stop derailing our future by funding fossil fuels."

Besides driving the climate crisis, according to the Global Energy Monitor, new oil and gas developments are also at high risk of becoming stranded assets — meaning premature or unanticipated closing, due to market or other forces.

Today's action follows XRI protests demanding divestment from fossil fuels in March at the Banking & Payments Federation Ireland conference and in 2023 at the Dublin offices of BlackRock, J P Morgan and CitiBank.

Resources:

*The €1.14 trillion figure is calculated from data on Irish Funds member organisation investments in coal, oil and gas companies listed on the Global Coal Exit List (GCEL) or the Global Oil & Gas Exit List (GOGEL). Data was collected in January 2023 and aggregated on group level (see Resource 1).

(1) https://investinginclimatechaos.org/data

(2) https://www.bankingonclimatechaos.org/

(3) https://extinctionrebellion.uk/2023/11/27/barclays-banks-superglued-shut-in-nationwide-action-against-climate-criminals/

(4) https://www.reuters.com/world/uk/barclays-adopt-fresh-curbs-oil-gas-financing-2024-02-09/

(5) https://www.irishtimes.com/environment/climate-crisis/2024/03/26/rain-rain-and-more-rain-what-is-driving-the-recent-wet-weather-ireland-has-been-experiencing/

(6) https://www.agriland.ie/farming-news/humans-are-changing-irelands-climate-maynooth-research/

(7) https://www.thejournal.ie/global-temperature-streak-hottest-april-on-record-6373786-May2024/

(8) https://edition.cnn.com/2024/04/29/africa/kenya-floods-mai-mahiu-intl-hnk

(9) https://www.irishmirror.ie/news/irish-news/climate-activists-smoke-bomb-dublin-32269841