Tuesday
July 7
2020

Viewpoint: First Summit of Global Development Banks Must Deliver on Ending Fossil Fuel Finance

By Sandrine Dixson-Dècleve, Hindou Oumarou Ibrahim & Bas Eickhout

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.

Source: Thomson Reuters Foundation News (link opens in a new window)

Categories
Energy, Environment
Tags
banks, coronavirus, energy sector, fossil fuels, global development, Sustainable Development