The Paris Climate Agreement commits countries to aim for global temperature rise below 1.5°C. This is essential for preventing run-away climate change. To do this, the world needs to urgently phase out the use of fossil fuels and shift to using sustainable, renewable energy.
Investing in renewable energy is also 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 therefore calling on the world's biggest public banks to shift all their money out of dirty fossil fuels and into sustainable, renewable energy to benefit the most vulnerable and remote communities. This would improve the lives of people all around the world.
The world's biggest public banks are responsible for managing billions of dollars of public money, and which should be used in the public interest. In order for the world to shift to a low carbon energy future, where everyone in the world has access to modern, affordable, clean energy, we urgently need a massive increase in finance for decentralised, renewable energy. The major public Banks should lead the way on investing in distributed renewable energy, which will open up the path for other finance to shift from fossil fuels to renewable energy, and the shift to a just global energy system based on affordable, clean energy.
The world cannot afford to carry on building fossil fuels and people cannot afford to continue living without access to modern energy.
Call on the AIIB to make the Big Shift
The world’s newest multilateral development bank, the Asian Infrastructure Investment Bank (AIIB), has committed to be ‘green’, but is yet to put its commitments into action through its investments. As of May 2019, at least 20% of the AIIB’s total portfolio supported fossil fuels. This stands in stark contrast to just 8% going towards renewables – mainly funding large scale renewable projects, rather than distributed renewable energy options which could reach the poorest communities.
As the AIIB prepares to meet for its fourth Annual Meeting in Luxembourg in July, join us in calling on the AIIB to make the Big Shift by sending the AIIB Directors an email using the form below: