Burning financial ties with Russian energy companies is not an option, it’s a moral requirement.
Desmond Tutu rightly said that “If you are neutral in situations of injustice, you have chosen the side of the oppressor”. Our banks and corporations would be doing exactly that if they maintain support for companies that are directly fueling Putin's war in Ukraine.
We call on financial players to cease all support for Russian energy companies. Crédit Agricole Group in particular comes to mind as it is one of the main financiers and investors of Gazprom, through its subsidiary Amundi.
We also call on financial institutions to suspend all support for TotalEnergies and other non-Russian fossil fuel companies until these groups withdraw from their operations in Russia, as BP, Shell, Equinor and ExxonMobil have done.
Don’t be fooled: Europe will not become more resilient if it switches from a heavy dependency (Russian gas) to another (American LNG). We must instead step up our efforts to free ourselves from fossil fuels, as the Secretary General of the United Nations reminded us in reaction to the publication of the second part of the 6th IPCC Assessment Report.
The war that Putin has begun is a stark reminder that justice, peace and climate action are interconnected, and build on each other. As the Ukrainian climate scientist and IPCC report co-author Svitlana Krakovska said: “Human-induced climate change and the war on Ukraine have the same roots -- fossil fuels -- and our dependence on them.”
Tackling climate change requires more than a switch to 100% renewable energy-powered systems. It also requires unprecedented efforts to reduce energy demand - yet this core pillar of the energy transition is all too often left out. The sanctions against Russia demonstrate - yet again - why it should become one of our top priorities.
