Tell Public Development Banks in Asia:
Turn off the money tap to dirty fossil fuel projects
This November, 450 public development banks that control approximately $2 trillion in public money, will be in the same room to address multiple crises brought on by climate breakdown and COVID-19, through the Finance in Common Summit. It is an opportunity we can’t miss.
We invite you to join the fight so that these gigantic banks invest in a green and just recovery, adopt debt cancellation for countries most vulnerable to climate disasters, and stop bailing out polluters.
To shift the financial flows, hold institutions accountable and enhance our access to justice, we need all energies. We must demand for change and justice on all fronts.
On November 28th, we will be holding the Asia Climate Rally, a collective day of action organized by youth strikers from Malaysia, Philippines, India, Nepal, Pakistan, Indonesia, South Korea, Hong Kong and Singapore, both online and offline. We will be demanding climate action, divestment, the protection of our environment defenders, policies for people and planet, ambition, collaboration and accountability, all towards a just recovery.
But before that, we need your help to tell the World Bank, Asian Development Bank, Asian Infrastructure Investment Bank and all the other Public Development Banks to stop using public money to finance the deadly fossil fuel industry.
We, Asian youth climate strikers, call on the World Bank, the AIIB, the ADB and Public Development Banks (PDBs) to stop using public money to finance the deadly fossil fuel industry.
Asia is one of the most vulnerable regions to climate change, and we refuse to inherit a future where public funds are used to exacerbate this crisis through investments in an industry that has historically put profit over the welfare of historically marginalized frontline communities.
Instead, there should be a collective and collaborative effort across governments and institutions to focus on a green and Just Recovery post-COVID 19. We demand investments in a safer present by strengthening pandemic-proof social protections for vulnerable groups and communities and building a resilient future for us all through a just transition to renewable energy.
Our key demands are:
1. PDBs must stop financing the fossil fuel industry in Asia;
2. PDBs must align policies with the Sustainable Development Goals and the Paris Agreement;
3. PDBs must invest in a resilient future post-pandemic;
4. PDBs must make efforts to focus on the children, the youth and our future by ramping up ambition towards zero emissions, and;
5. PDBs must invest not only on climate solutions but pandemic-proof social protections to respond to the disproportionate effects of COVID-19 and climate change to indigenous groups, gender groups, and the historically marginalized.
We are fighting back for change and justice on all fronts. On November 28th, we will be holding the Asia Climate Rally, a collective day of action organized by youth strikers from Malaysia, Philippines, India, Nepal, Pakistan, Indonesia, South Korea, Hong Kong and Singapore, both online and offline. We will be demanding climate action, divestment, the protection of our environment defenders, policies for people and planet, ambition, collaboration and accountability, all towards a just recovery.
ADB, AIIB and PDBs in the Finance in Common Summit – we are watching you.
Signatories:
- Powershift Nepal
- YACAP
- KAMY
- FFF India
- Climate Action Pakistan
- Youth Strike 4 Climate Philippines
- SG Climate Rally
- Students Taking Action for NUS to Divest (STAND)
- Mountains to Ocean Climate Initiative
- Asian Environmental Youth Network
- Jaga Rimba Indonesia
- NTU Divest
- GEYK
- 350 Asia
