Filipino priest on mission in Europe to halt fossil fuel financing
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[May 12, 2023]
By Tom Sims and Enrico Dela Cruz
FRANKFURT/MANILA (Reuters) - A Filipino priest is touring top European
banks to demand they curtail ties with companies behind new fossil fuel
projects in a region of his home country that is rich in fish and coral.
But he is leaving his meetings with bankers feeling frustrated.
The priest, Edwin Gariguez, and the environmentalists accompanying him
are just the latest activists from around the globe to make a case in
person to banks that they should be bolder in cutting off financing for
polluting industries.
Gariguez and his colleagues are calling on banks - including Standard
Chartered, Barclays, Deutsche Bank and UBS - to stop lending,
underwriting and investing in Shell and the conglomerate San Miguel.
Both are behind new and planned liquefied natural gas terminals in the
so-called Verde Island Passage - a region he calls the "Amazon of the
oceans".
Many big banks have been marketing themselves as lenders that firms can
turn to as they transition to a greener future, a strategy they view as
also key to boosting profits. The lenders have favoured a gradual
approach, tightening their policies on financing the coal industry but
slower to clamp down on oil and gas financing in a disappointment to
activists.
"It's really frustrating on my part," Gariguez said on a stopover in
Frankfurt after meetings with Deutsche Bank and DWS. "We expect
accountability and a more meaningful response, but it's not coming".
![](http://archives.lincolndailynews.com/2023/May/12/images/ads/current/chittick_sda_PROMGRAD_2023.png)
Standard Chartered, Deutsche Bank and UBS responded with separate
statements saying they engage with NGOs and were working to reduce
emissions. They didn't comment on clients but said they have guidelines
in place for financing.
Barclays, DWS, Shell and San Miguel didn't respond.
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![](../images/051123PIX/news_h3.jpg)
Edwin Gariguez, a Catholic priest from
the Philippines, who is touring top European banks on environmental
issues, is pictured in Frankfurt, Germany, May 10, 2023. REUTERS/Tom
Sims
![](http://archives.lincolndailynews.com/2015/May/02/images/ads/current/guzzardo_lda022609.png)
Earlier this year, a tanker sank off the nearby province of Oriental
Mindoro carrying 800,000 litres (211,338 gallons) of industrial fuel
oil, threatening reefs, mangroves and sea-grass.
Gariguez said the disaster had contaminated the fish eaten by him
and his parishioners, highlighting urgency and risk.
"People really lost their livelihood," he said.
Gariguez, formerly head of humanitarian group Caritas Philippines,
won the Goldman Environmental Prize in 2012 and currently
coordinates the activist group ProtectVIP.
Shell, which has proposed new LNG terminals in the area, says on its
website it works with communities to address their concerns and aims
to "avoid or reduce any adverse impacts".
San Miguel, whose pale pilsner is known in many parts of the world
and is now one of the biggest power producers in Philippines, aims
to restart its 1,200 megawatt Ilijan power plant in Batangas with
LNG stored nearby.
On its website, San Miguel says: "As sustainability champions, we
hold ourselves accountable."
The nation's Department of Energy sees LNG as a "transition fuel",
as it moves away from coal-fired power generation toward more
renewable energy.
(Editing by Mark Potter)
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