The signs of the unfolding climate catastrophe are increasingly evident, including record-breaking forest fires in the Brazilian Amazon, unprecedented icemelt in the Arctic, devastating flooding in Africa and South Asia, and deadly heat waves in Europe. To stop this climate crisis, we need to urgently phase out the use of fossil fuels and shift to using sustainable, renewable energy.
Multilateral development banks such as the World Bank manage billions of dollars of public money. They are key to financing the shift to a sustainable, renewable global energy system. As major funders of fossil fuels in the past, these Banks have a responsibility to lead the way on phasing out fossil fuels and shifting investment to distributed renewable energy.
Increasing investment in renewable energy is crucial for improving the lives of the one billion people around the world who don’t have access to electricity. Investing in off-grid renewable energy is the best way to provide affordable and sustainable energy for the poorest communities, benefiting local businesses and households.
We are calling on all of the world's biggest public banks to shift all their money out of dirty fossil fuels and into sustainable, renewable energy by 2020.
Open letter to the Multilateral Development Banks
As COP25 in Madrid begins, the Big Shift coalition calls on the Multilateral Development Banks to align their finance with the 2015 Paris Agreement, increase their investments in renewable energy and stop financing fossil fuels and ensure they present a detailed approach and report on their progress.
Read the Big Shift coalition's open letter here.