Whispers echo around Le Bourget about a group of countries trying to phase out ambition in the finance text. Yes, you read it here first. As ECO was beginning to believe countries had finally caught on to the importance of phasing out financial support for dirty fossil fuels, we’re hit with an unpleasant surprise.
The key text for phasing out international support for dirty energy (which Parties call high emissions investments) has just come under fire by some countries, including Saudi Arabia and Argentina. Esteemed delegates, ECO is as shocked as you are. With the urgency of the climate crisis, can we really afford to continue fuelling the fossil fuel industry that’s driving our climate to destruction?
ECO thinks not. If Parties really want to increase climate ambition through finance, they should stand firm and commit their governments to joining the global divestment movement.
Take note Saudi Arabia, Argentina and their supporters: Governments and institutions all over the world are speeding ahead to shift financial investments away from dirty energy. So be prepared to fight off a tide of climate action.
Memo to other Parties: Keep up the fight and lead by example. Your citizens, businesses and investors will thank you for it–not to mention future generations.
We must divest from fossil fuels.