Activists call on World Bank to reform climate policy | The Guardian Nigeria News

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We want $1 trillion to be raised for renewable energy projects and programs
A group of climate activists have called on the World Bank to reform its climate policy and cut funding for fossil fuels and related projects.

The campaigners, under the group Glasgow Team, made up of Jonah Gbemre, Murphy Akiri and Jake Hess, argued that the World Bank must be forward-looking by genuinely helping to reduce carbon emissions by shifting funding from fossil fuels to renewable energy, in addition to helping to ensure that new infrastructure benefits local communities and prepares the workforce to operate a clean economy.

In a statement yesterday, Hess, who spoke at a press conference on behalf of the group, said the World Bank should stop using public money to fund dirty polluters and instead sign the Glasgow Clean Energy declaration before the next COP and leave combustible fossil fuels in the ground.

The group also called on the World Bank to close loopholes allowing private lenders and asset managers to continue extracting and exploiting fossil fuels, calling on the bank to stop hoarding reserves and mobilize $1 trillion. dollars of new, truly green financing.

The campaigners also wanted the World Bank to “align all policies, programs and projects on a 1.5 degree roadmap with poverty reduction at its core. Prioritize investments in renewable energy projects in countries of the South, with the contribution of civil society, towards democratically controlled public systems that serve the common good rather than private profit.

“Move away from an extractive funding model to ensure a just transition, through investments that benefit people living at the poverty line instead of 1%. Assess impact from the perspective of sustainability, equity and justice.
Actively advocate for an independent body to restructure sovereign debt.

“Raise ambitions so that half of all World Bank financing is dedicated to climate change adaptation and mitigation, given the scale and urgency of the crisis. Candidates for the leadership of the World Bank must be accountable and committed to scientific evidence.

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