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.
Tell the World Bank to make the Big Shift
In its response to the Covid-19 epidemic, the World Bank must consider the needs of the poorest and most vulnerable communities both now and in the future. People lacking access to modern energy are amongst the most vulnerable to Covid-19, whilst climate change remains an existential threat to people all over the world and continues to have negative impacts. It is vital that, in addition to immediate unconditional support to people and health services, the Bank's response to Covid-19 includes actions to tackle climate change and improve energy access in the long term.
The World Bank's response now will have impacts on people's lives for many years to come. Any recovery package must not include investment in fossil fuels that contribute to climate change and instead invest in sustainable renewable energy accessible by all.
Join us in calling on the World Bank to commit to financing a sustainable, low-carbon future that reduces vulnerability to climate change and provides clean energy for the world's most vulnerable people.