On October 27, 2016, Crédit Agricole proudly announced that it was ending its financing of new coal-fired power plants globally. But what do you know, just a few months on from this breakthrough announcement, Crédit Agricole is still considering a coal plant project: Cirebon 2 in Indonesia. But it’s one coal project too far, and we cannot allow the bank to have ‘just a last one for the road’.
A heavy price for the climate...
The construction of new projects which pollute like coal-fired power plants do cannot happen if we want to keep global warming well below 2°C and avoid the effects of severe climate change hitting the most vulnerable populations hardest.
A heavy price for local people...
For local populations, Cirebon 2 does not mean better access to electricity and an improvement in their living conditions. On the contrary, the plant would bring about more poverty and disease. The local fishing community, whose means of subsistence are dwindling, is already opposing the project and is challenging the licenses which have been issued in the courts.
A heavy price for us... customers!
Today's financing builds the society of tomorrow and our money should be serving the transition to energy efficiency and renewable energies. Projects of the future, for the environment, employment or health ... they’re everywhere, there are lots of them, and the needs are enormous, both close to home and far away.
Crédit Agricole may be about to sign the financing contract for the CIREBON 2 coal-fired power plant in the next few months. We urgently need to oppose it!
It’s our ability to redirect financial flows in a very short period of time that will determine the outcome of our struggle for sustainable societies! We have the power!
Thanks to our efforts last year, we’ve already made an impression on the bank – it’s now committed to no longer directly financing new coal-fired power plant projects, and we helped to stop it financing TBJ2, a similar project in Indonesia.
There’s the proof that the actions of concerned citizens can make all the difference!