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.
Email the European Investment Bank
The European Investment Bank's current lending policy is a climate failure. Our new report shows that their current policy ranks worst alongside the other Banks due to their continued investment in fossil fuels. However, the European Investment Bank has the potential to become a climate champion - the first draft of their new lending policy commits them to ending investment in fossil fuels, making them a leader amongst the Banks.
European Investment Bank members have not yet approved the policy. Send an email today, telling them you want the Bank to lead the way on stopping climate change.
Send an email here: http://fossilfree-eib.eu/take-action/
Read the report here.
Email the World Bank
This October, World Bank Directors will be holding their annual meetings. They will also be celebrating the World Bank's 75th anniversary. The World Bank has supported fossil fuels since it was created 75 years ago, but it's now time for the Bank to lead the way on making the shift to a sustainable, renewable energy system.
The World Bank says it is committed to tackling the climate crisis, but is still financing projects that support fossil fuels. Use our tool to send an email to the President of the World Bank and the Director for your region, telling them you want the World Bank to completely stop financing fossil fuels, and shift investment to sustainable, renewable energy to stop the climate crisis and increase energy access for the most vulnerable people.