June 9, 2021
Read the full sign-on letter (English).
Read in Spanish/español; Portuguese/português; French/français; Arabic.
In advance of this year’s G7 Summit, 353 organizations from 58 countries have signed a letter calling on G7 leaders to stop financing fossil fuels; cancel debt payments in global South countries grappling with COVID-19 and climate impacts, and pay their fair share of climate finance to global South countries for climate adaptation among other demands.
In the letter, the civil society organizations write:
“We, the 353 undersigned organizations from 58 countries, call on the leaders of G7 governments to listen and respond to the voices of global citizens calling for climate justice, debt cancellation, and an end to fossil fuel extraction, and take the following actions:
- Cancel debt payments in global South countries grappling with COVID-19 and climate impacts;
- Stop all fossil fuel finance from bilateral and multilateral funding sources, and encourage other governments to do the same;
- Support mechanisms for countries in the South that will speed up a just transition, and discourage international trade arbitration mechanisms that protect fossil fuel investors;
- Pay their fair share of climate finance to global South countries for climate adaptation , the development of renewable energy technologies, a just transition to clean energy for workers, communities, and countries, and access to energy for those who currently lack it;
- Put an end to fossil fuel development in your own countries, including by ending fossil fuel subsidies; manage the decline of existing production of oil, gas, and coal; and rapidly initiate a just transition to clean and safe renewable sources of energy — involving extensive engagement with oil, gas, and coal workers, their unions and affected communities.”
Click here to read the letter and full list of signers (English).
Click here to read the letter and full list of signers in Spanish/español; Portuguese/português; French/français; Arabic.
A timely letter indeed. This is the turning point to stop financing dirty sources of energy. Otherwise, we will find ourselves at a point where we cannot turn back from the dire consequences.
Recently, the International Energy Agency, a Paris-based autonomous intergovernmental organization established in the Organization for Economic Co-operation and Development framework, announced ‘no need for investment in new fossil fuel supply.’
It is commonplace that the discovery of fossil energy propelled the famous Industrial Revolution that put the developed world to where it is now. Given that fact, the developing world hoped to follow the same footsteps following fossil energy. However, these hopes are likely to fade, bearing in mind that the potential investors come from the OECD countries. Indeed the announcement has been deemed a millstone, particularly in the developed world. In some countries, such as the Netherlands, demonstrators have supported the new regulation against the ‘big oils.’ However, in the developing world, it is not the case. Fossil energy in these countries is a recent discovery, which is seen as a potential source of power to the industrial ambitions in these countries. The unprecedented circumstances caused by the coronavirus, global climate change, and the Agenda 2030 render the developing world a development trilemma. Thus, the G7 sitting is crucial if it discusses the global energy dynamics and negotiations. Moreover, as they discuss reducing financing fossil energy, they should also create room for alleviating the energy poverty in the developing world, which is responsible for the low industrial drive in these countries.
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