UN chief urges development banks to stop financing fossil fuel projects

UN chief urges development banks to stop financing fossil fuel projects

United Nations Secretary-General António Guterres warned development banks to stop backing fossil fuel projects.

Environmental campaigners have for years been demanding publicly-listed commercial banks in Europe, the United States and Asia stop financing new coal-fired power stations, oil exploration or natural gas infrastructure.

This comes after a report found the World Bank had invested $12 billion in the sector since the 2015 Paris Agreement to combat climate change.

Guterres urged a coalition of finance ministers and economic policymakers from dozens of countries to ensure development banks end fossil fuel investments and boost renewable energy.

“We need speed, scale, and decisive leadership,” Guterres said in a video message. “I count on this coalition to rise to the challenge.”

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

multimedia