FIVE scientists occupied the Bank of England today, demanding that fossil fuel investments be treated as high-risk in the banking and insurance sectors through the implementation of regulatory standards known as capital requirements.

The Extinction Rebellion action saw scientists occupy the lobby of the Prudential Regulation Authority (PRA) as employees filed into the building to start their day.

Protesters held signs reading: “Climate tipping points = economic risk” and “Ecosystem collapse is financial collapse, capital requirements for fossil fuels now.”

The protest took place during the PRA’s public consultation on climate risk in insurance and banking.

Campaigners argue that PRA should be doing more to introduce capital requirements, which would discourage the provision of financial and insurance support to the fossil fuel industry.

Capital requirements mandate the minimum amount of capital banking and insurance firms must hold to absorb losses and reduce the risk of insolvency.

Implementing them on fossil fuels would increase the mandatory amount held and deem the assets of greater risk, thereby disincentivising companies holding them.

One of the occupiers, space engineer Shana said: “Those that work in insurance and at the PRA, like us scientists, know how dire the situation is.

“To talk about ‘managing climate-risk’ in regard to banking and insurance operations whilst ignoring the fact that these same firms are enabling new oil and gas projects is baffling. 

“They’re advising companies on how to manage a crisis that these same companies are actively contributing to — it’s like giving fire safety training to the person lighting the flames.”

The Bank of England has been contacted for comment.