In 2017, nine Multilateral Development Banks (MDBs) announced that they would develop a framework to align their finance with the Paris Agreement to combat climate change and keep global temperature rise below 1.5°C of warming. In 2018 they set up a joint working group and committed to giving a public update on their progress towards a joint framework in 2020. However, we are still waiting for the update.
In the context of COVID-19 making progress on aligning with the Paris Agreement is even more urgent. People lacking access to modern energy are among the most vulnerable to COVID-19, whilst the negative impacts of climate change continue to grow. Public banks are spending huge amounts of money in response to the COVID-19 crisis. It is vital that any recovery package must not include investment in fossil fuels that contribute to climate change, and should instead invest in sustainable renewable energy accessible by all. This is why we urgently need an update from the MDBs on their plans to align their finance with the Paris Agreement.
Join us in calling on the MDBs to commit to a just recovery that includes financing a sustainable, low-carbon future that reduces vulnerability to climate change and other crises and provides clean energy for the world’s most vulnerable people.
Email the presidents of the MDBs and ask them to phase out all support for fossil fuels and increase support for clean energy access across their lending.
We have provided editable suggested text for your email below.