“You are complicit in the devastation of our people and the environment” – Filipino bishop to major French bank Crédit Agricole

Paris, France – Speaking at the Annual General Meeting (AGM) of French banking giant Crédit Agricole, Bishop Gerry Alminaza of the Diocese of San Carlos issued a strong message denouncing the bank’s continued support for fossil fuel expansion, which he says is contributing to the climate crisis and endangering Filipino communities.

“Today, I speak to you on behalf of my fellow Filipinos and our neighbors across Southeast Asia, and remind us of our shared responsibility to protect and care for our Common Home”, Bishop Alminaza said in his address.

Bishop Alminaza serves as the Vice President of Caritas Philippines, a member organization of the Protect Verde Island Passage (Protect VIP) network – a coalition advocating for the protection of one of the world’s most biodiverse marine regions. The group calls for an end to fossil fuel financing in the Verde Island Passage, part of the Coral Triangle, which is recognized as the global center of marine shore fish biodiversity.

“Southeast Asia is home to the world’s richest center of marine biodiversity, including the Coral Triangle, and our very own Verde Island Passage in the Philippines. Yet, this region also faces a grave threat from fossil gas expansions fueled by companies such as one of your clients, San Miguel Corporation, in the Philippines.”

A native of San Carlos, Negros, Bishop Alminaza has been at the forefront of grassroots efforts opposing coal-fired power plants and now leads the charge against the proliferation of fossil gas facilities in the Verde Island Passage.

“I have stood shoulder-to-shoulder with communities fighting to protect my hometown from San Miguel’s destructive energy projects,” he said. “Today, I raise my voice once again to express grave concern over your financial involvement with San Miguel, particularly regarding the development of its fossil gas power plant in the Verde Island Passage—our very own Amazon of the Oceans.”

Crédit Agricole is currently the second-largest French financier of fossil gas in Southeast Asia. Through its subsidiary, CA Indosuez Wealth Management, the bank holds bonds in San Miguel Global Power (SMGP), the leading driver of gas expansion in the Philippines and the wider region.

“San Miguel’s fossil gas operations are devastating the lives and livelihoods of countless people who rely on the Verde Island Passage, especially our fisherfolk communities,” Bishop Alminaza declared. 

“By continuing to support these projects, Crédit Agricole, you are complicit in the devastation unfolding upon our people and the environment.” 

For his part, Crédit Agricole CEO Philippe Brassac denied involvement with San Miguel, stating, "we are not exposed to LNG projects in the Philippines, and we do not finance the LNG project by San Miguel Corporation that you mentioned." ###