100 signatures reached
To: Pat Lardner, Chief Executive, Irish Funds Industry Association
Irish Funds - Expel the fossil fuel funders!
Expel these biggest global investors in and financiers of fossil fuels from Irish Funds Industry Association:
Amundi, BlackRock, BNY Mellon, Invesco, J.P. Morgan Asset Management, LGIM, State Street, UBS, Vanguard, J.P. Morgan Bank, Bank of America, BNP Paribas, Citi Bank, RBC.
Why is this important?
The Irish Funds Industry Association (Irish Funds) is the representative body for the international investment fund community in Ireland. According to Irish Funds, Ireland is the domicile for 5.9% of world-wide investment fund assets, making it the 3rd largest global centre and the 2nd largest in Europe. On their website, they claim as one of their values "Integrity – in everything we do". But integrity is incompatible with allowing their membership to include nine of the ten top investors in major companies in oil and gas expansion - companies like Exxon, Chevron, Conoco and Glencore – and four of the banks labelled the “Dirty Dozen” in the 2023 Banking on Climate Chaos report. By allowing these 14 tainted companies to continue as members, Irish Funds is legitimising their cannibalisation of the planet.
By expelling these companies, Irish Funds will send a strong signal that funding fossil fuels is immoral and unacceptable in an escalating climate and biodiversity emergency. It will increase pressure on these companies to divest from fossil fuels – the burning of which is the main source of greenhouse gas emissions that are cooking our planet.