The problem is clear: Deadly climate change is worsening every year, and the European Bank for Reconstruction and Development (EBRD) is pouring fuel on the fire by financing oil and gas projects.
But the solution is also clear: Stop funding fossil fuels. Four months ago the World Bank committed to end its finance for oil and gas extraction after 2019. It’s time for the EBRD to go one step further and end all finance for oil, gas, and coal infrastructure.
To live up to the Paris Agreement on climate change, we can’t allow any more public money to flow to oil, gas, and coal. The EBRD is currently revising its energy strategy, so this is a critical time for the bank’s leaders to hear our demand: not one penny more for fossil fuels.
Every one of Europe’s leaders have signed onto the Paris Agreement, aiming to limit global warming to below 1.5 degrees Celsius. Reaching that goal means all hands on deck – and it means the world’s premier public finance institutions like the EBRD must stop funding fossil fuels.
Write a letter to the EBRD today, and we’ll send it directly to the EBRD’s Board of Directors, which is currently revising the bank’s energy lending strategy. If we make our demands clear, we could win another huge commitment to shift finance away from dirty fossil fuels and towards a clean, renewable energy future for all.