Global Warming

It is time to phase out fossil fuels

Burning of coal, oil and gas has been the source of 64 percent of carbon dioxide emissions since the industrial revolution; over the past 10 years, this ratio has grown to 86 percent. Carbon dioxide and other greenhouse gases drive up the Earth’s temperature, which creates a spiralling crisis of extreme weather, rising sea levels, disease, biodiversity loss, water stress and poverty.

Despite being aware of this problem for decades, the fossil fuel industry continues to put profits first and ignore scientists’ warnings. That is why, we need leaders who will put the people first.

We need leaders at international financial institutions like the World Bank to firmly commit to addressing climate change and better supporting vulnerable nations – not doubling down on fossil fuel investments.

Since the Paris Agreement was signed, the World Bank has continued to invest billions in fossil fuel projects. It has fallen behind on its already meagre climate commitments, which are less ambitious than the baseline targets set by other development banks. The World Bank and other international financial institutions need to take immediate action and commit to a fossil fuel phase-out that complies with the 1.5C target.