Viewpoint: First Summit of Global Development Banks Must Deliver on Ending Fossil Fuel Finance
The fact that the Paris Agreement on climate change even exists is an incredible feat of French diplomacy. Now, amidst a global pandemic, France is embarking on an equally important diplomatic effort this November, bringing together 450 global development banks that control $2 trillion in public money. The objective? For these public banks to declare that their contribution to the economic recovery from COVID-19 will support climate, sustainable development, and biodiversity goals.
However, vague commitments to goals already agreed by governments worldwide will not be sufficient to make the “Finance in Common Summit” a success. The world needs concrete action. The time is now. And one of the sectors in which action is desperately needed is the energy sector.
Photo courtesy of Steve Taylor.