In the wake of the largest climate demonstration since the onset of the Covid-19 pandemic, hundreds of fervent climate activists orchestrated a defiant blockade at the Federal Reserve Bank in New York City, passionately urging for an immediate cessation of financial support to the coal, oil, and gas industries. This bold act of civil disobedience resulted in numerous arrests by law enforcement.
Alicé Nascimento, Environmental Campaigns Director at New York Communities for Change, articulated the heart of their cause, asserting, “Fossil fuel companies…wouldn’t be able to operate without money, and that money is coming primarily from Wall Street.” Hours later, she too would join the ranks of those arrested.
This dramatic demonstration unfolded as world leaders converged on New York for the United Nations General Assembly (UNGA) gathering, following a resounding Sunday march demanding the rapid phasing out of fossil fuels, attended by 75,000 individuals. Monday’s civil disobedience, spearheaded by the Climate Defenders campaign group, held a distinct yet complementary objective, as elucidated by Renata Pumarol, an organizer with the group: “Today we want to make sure people know banks, big banks, are responsible for climate change, too.”
This poignant act of resistance, organized by a coalition comprising local entities like New York Communities for Change and Extinction Rebellion NYC, alongside national organizations such as Climate Organizing Hub and 350.org, commenced at Zuccotti Park in lower Manhattan’s financial district. Significantly, this park partially resides under the ownership of fossil fuel investor Goldman Sachs and notably served as the epicenter for the original Occupy Wall Street protests a dozen years ago.
Battling the inclement weather, protesters then embarked on a march to the New York Federal Reserve building, the largest within the network of 12 federal banks across the country, constituting the central bank of the United States. There, they blockaded multiple entrances, their voices raised in song, the rhythmic beat of drums reverberating, and signs held high. Over 100 arrests were recorded by the New York City Office of the Deputy Commissioner for Public Information, with organizers approximating close to 150 individuals detained.
The protestors vehemently spotlighted both public and private financing of fossil fuels. Globally, government subsidies for coal, oil, and gas surged to a staggering $13 million per minute in 2022, equivalent to 7% of the global GDP and nearly double the expenditure on education worldwide, according to the International Monetary Fund. Furthermore, last year, the US ranked a modest 16th among G20 nations in terms of climate risk mitigation, according to Green Central Banking, an independent economic research group.
Meanwhile, since the signing of the 2015 Paris Climate Agreement, major private banks have injected a staggering $3.2 trillion into the fossil fuel industry to expand operations. This sum markedly outpaces the collective international climate finance investments by global northern governments, as analyzed by ActionAid, the Washington D.C.-based non-profit. An additional study by the Sierra Club environmental group underscored the dissonance between global banks’ climate pledges and their financing of coal energy across the United States.
Monday’s audacious action followed a cascade of global protests the preceding week, some of which specifically targeted financial institutions. Demonstrators in New York rallied outside the headquarters of asset manager BlackRock and Citibank, passionately decrying their investments in fossil fuels. On another occasion, protesters directed their ire toward the Museum of Modern Art for its associations with fossil fuel investor KKR.
Further protest initiatives are slated for the week ahead, coinciding with the United Nations’ hosting of the Climate Ambition Summit as part of the UNGA, including a planned demonstration at Bank of America’s New York City offices on Tuesday.
