The World Council of Churches (WCC), Muslim Council of Elders (MCE) and NY Board of Rabbis signed a landmark joint appeal titled ‘Climate Responsible Finance – A moral imperative and responsibility for all children and the world’.
“Let us all come together to influence how money is spent in response to climate change’s existential threat,” said Rev Prof Dr Ioan Saca, WCC acting general secretary. “Family money and church money, as well as money from companies and nations. For a sustainable future for our children, we need everyone to make this step.
The critical urgency of this problem is clearly demonstrated by the IPCC’s latest report, released on April 4. This joint appeal calls on financial service providers and banks to take immediate and effective action in order to reduce fossil fuel financing and to invest more in renewable energies and research to solve climate problems.
“Accordingly we, the leaders and representatives of the below-signed organisations, confirm our commitment to engage with financial institutions through which bank, invest, seek insurance coverage, and ensure that our financial dealings with them are in line with the Paris Agreement objective, to limit global warming at 1.5 C,” the appeal states. “We will examine our pension, insurance, and other financial service arrangements in order to ensure evidence-based accountability. This is a moral imperative and responsibility towards all children and the world.
The appeal asks financial service providers to demand that oil and gas companies stop any new development or expansion projects, especially in the Arctic region, and to join the UN-convened net zero asset owner, banking and/or insurance alliances, depending on which type of financial institution they are concerned.
The text concludes with an invitation to “all members our constituencies, and all our partner to do the likewise, so we can together move beyond words to concrete action and be the change that we call for.”
Antnio Guterres, UN secretary-general, welcomed the initiative. “For too many years, the financial sector has allowed the world’s dependence on fossil fuels,” he stated. Financial service providers must now accelerate the transition to renewables. Guterres stated that they have the power and the responsibility. “The scientific imperative and moral imperative are clear: There must be no new investments in fossil fuel exploration, production, infrastructure, and exploration.
Guterres said, “This year, all private financiers must stop funding the entire sector of coal, from mining to power generation and actively shift finance towards renewables. This can be achieved by people, communities, or faith-based organizations. This faith-based initiative is welcome.
All partners, organisations and citizens who care about children are invited to endorse the statement by writing to [email protected] and to raise awareness about the resources shared in it. A webinar will take place on 20 May at 15.00 CEST in order to strengthen the capacity surrounding the actions proposed by the statement.
LINKS
The full statement can be found here www.oikoumene.org/resources/documents/climate-responsible-finance-a-moral-imperative-towards-children
Register for the webinar Click Here
WCC publication: Cooler Earth – Higher Benefits Actions by people who care about children and climate and finance
Tags: Environment, WCC, Finance, Dr Ioan Sauca, IPCC Report, Muslim Council of Elders, NY Board of Rabbis
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