"Contrary to the demands of social and environmental justice advocates,
government and financial responses to the pandemic and recession in many
countries to date have continued to prop up the fossil fuel industry
rather than prioritizing investments in renewable energy development.
As Common Dreams
reported earlier this month, the Trump administration
and U.S. Federal Reserve have bailed out Big Oil during this crisis, and
a May report by Oil Change International and Friends of the Earth showed
that since the Paris Agreement, G20 countries have provided at least $77
billion per year in financing for oil, gas, and coal projects through
their public finance institutions.
According to 350.org, a handful of institutions, such as the European
Investment Bank, Swedfund, and the French Development Agency, have
already committed to diverting public money away from fossil fuels—a
move that climate campaigners say is necessary but insufficient.
Ahead of the Finance in Common Summit being held in Paris from November
10-12, advocacy groups have described this first ever international
gathering of public banks—where nearly 450 financial institutions
controlling approximately $2 trillion in public money will convene—as an
opportunity for all public financial institutions to commit to aligning
their investment policies with carbon emissions reductions, biodiversity
protection, and other sustainable development goals."
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics