Ghent (Eurotoday) – On Saturday morning, activists from the environmental movement Extinction Rebellion gathered outside the BNP Paribas Fortis branch in central Ghent to protest the bank’s continued financial involvement in fossil fuels, deforestation, and the arms industry.
Around fifty demonstrators participated in the protest, with some dressed as “red rebels” and others staging a die-in on the pavement. While previous demonstrations in Antwerp and Bruges led to the arrest of three individuals, the Ghent event remained peaceful.
Extinction Rebellion alleges that BNP Paribas Fortis provided $12 billion in fossil fuel financing in 2023 alone, including funds directed at Arctic projects. The group claims that the bank holds significant investments in major fossil fuel companies such as TotalEnergies, ExxonMobil, and Chevron, which it argues undermines the goals of the Paris Climate Agreement.
Furthermore, the organization highlighted BNP Paribas as the only major European bank reportedly financing Elbit Systems, an Israeli defense company. Elbit supplies weapons to the Israeli military, and activists contend that this financial relationship supports policies they describe as genocidal and aligned with what they label the “apartheid state of Israel.”
Background of Extinction Rebellion’s Campaign Against BNP Paribas
Founded in 2018, Extinction Rebellion has routinely targeted financial institutions accused of exacerbating the climate crisis through sustained investments in fossil fuel ventures. According to the 2023 Banking on Climate Chaos report, BNP Paribas financed fossil fuel projects to the tune of $20.8 billion between 2016 and 2022, positioning it among Europe’s largest funders of fossil energy.
Although BNP Paribas has pledged to reduce its oil and gas financing, critics highlight its continued support for major fossil fuel companies—particularly those active in Arctic drilling and major infrastructure projects like the East African Crude Oil Pipeline.
The bank also faces scrutiny over its financial links with Elbit Systems. Research by Dutch organization Profundo revealed that BNP Paribas extended over $500 million in credit to the company between 2018 and 2023. Amid the renewed escalation of the Israel-Palestine conflict since October 2023, which has claimed over 34,000 Palestinian lives according to the Gaza Health Ministry, such ties have become a lightning rod for protest.
Extinction Rebellion’s actions form part of broader European climate advocacy efforts, which have recently yielded legal victories. In one prominent case, a Belgian court ruled against the government for insufficient climate action, reinforcing the pressure on public institutions and private banks to comply with the Paris Agreement’s goal of limiting global warming to 1.5°C. The IPCC maintains that halting fossil fuel expansion by 2030 is critical to avoid catastrophic climate outcomes.
Eurotoday is a daily online newspaper based in Belgium. It delivers original, independent coverage of European and international affairs, focusing on EU policy, member state developments, and global issues through a European lens.
Leave a Reply