As citizens deeply invested in Europe’s future, we urge you to align the EU’s financial practices with its climate ambitions. Currently, EU funds are deposited in some of the most polluting banks, as highlighted by the Banking on Climate Chaos Report 2024. This undermines Europe’s sustainability goals and fuels the very crisis we are working to solve.
We understand that: €1 million held in a fossil-heavy bank for a year could easily result in emissions of 650 tons of CO₂, based on the bank’s financed emissions. While that same EU budget held on a sustainable bank account would have up to 6 times less negative climate impact! They say that you can spend a euro only once … Well, in this way you could spend 1 euro 6 times!
As EU citizens, we applaud the EU’s Green Deal and its leadership on climate action, but we think the European Commission can do much better on this account, and the solution is straightforward: open a sustainable bank account!
This does not only support climate goals, and is coherent with the EU’s overall policy objectives, it also enhances Europe’s competitiveness by driving green investments and fuelling future growth. We understand that there is a climate investment gap of €406 billion annually to meet the EU’s 2030 climate goals.
Where the European Commission banks, can help overcome this gap. That is also why Mario Draghi says: “The financing needs for the green and digital transitions are massive. […] To meet them, we must mobilize private savings on an unprecedented scale.”
Switching banks accounts [where possible] is a powerful and cost-free way to align Europe’s financial flows with its climate ambitions. By doing so, the Commission can lead by example and encourage EU citizens and businesses to follow suit by moving their funds to sustainable banks.
Given the climate emergency, time is of the essence. With the new European mandate now in place, we urge you to seize this opportunity and prioritize the transition to sustainable banking partners.
We fully support the #EUSwitchBanks campaign and call on you to redirect the EU’s deposits to sustainable banks, where possible – and to open at least one bank account with such a bank.
Thank you for considering this vital step toward a greener, more competitive Europe.
Kind regards,
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