The World Bank must end all investments in fossil fuels now

The World Bank must end all investments in fossil fuels now

On the WORLD BANK ACTION DAY 2021 on October 14/15, 77 CSOs around the world sent a letter to the World Bank calling for drastic commitments to climate and social justice by immediatly ending all assistance and funding for fossil fuels. The call came during the the 2021 Annual Meeting of the World Bank Group.

The letter highlights the Bank’s support for this disruptive energy. The burning of fossil fuels is the biggest contributor to the current climate crisis. No fossil fuel investments are needed to provide energy access to the all, because existing renewable energy technologies are already the best option and have proven their efficiency. As such, the UN Sustainable Energy for All initiative states that “financing of fossil fuel projects as a means of closing the energy access gap should be terminated.”

 

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