The Bank of England finds itself deep in a fresh pot of soup as environmental groups have questioned its commitment to dealing with the climate emergency. Greenpeace, along with Friends of the Earth and campaign group Oil Change International (OCI) condemned Dorothy Thompson, executive chair of Britain's largest independent oil company Tullow Oil.
She was appointed to Threadneedle Street in 2014, when she was the head of power station operator Drax Group. She is also a senior non-executive on the bank's board – the Court of Directors. The criticism comes at a time when governor Mark Carney prepares to step down and become Prime Minister Boris Johnson's special adviser for the crucial Cop26 climate conference in Glasgow in November. He has also been appointed as the UN special envoy for climate action and finance.
Head of climate finance at Greenpeace UK, Rosie Rogers said the BoE was “central to tackling the climate emergency” and that Carney needed to be “making the best decisions possible for the planet free from the influence of the fossil fuel industry.” Rachel Kennerley, a climate campaigner at Friends of the Earth, said, “While the world grapples with the severity of the climate crisis and young people take to the streets for their future, our country’s finances remain too tightly aligned with climate-wreaking oil and gas companies. Climate breakdown needs to be fought in every arena which can only mean cutting ties between financial institutions and dirty oil companies.”
Carney had earlier this month said that when world leaders meet in Scotland for UN-led climate talks, they needed to show they had a plan to reduce carbon emissions. He said, “It's not just green assets and divestment campaigns or certain things are so brown or black. Every company ultimately has to have a plan for a transition and what the opportunities are and where the risks are.”
