The Big Shift Global is a multi-stakeholder, global campaign coordinated by organisations from the Global North and South. Together, we aim to make the people’s views on energy finance known to Multilateral Development Banks (MDBs), their Executive Directors, as well as the Heads of State and Finance Ministers of the members countries.
The Paris Climate Agreement commits countries to aim for global temperature rise below 1.5°C. This is essential for preventing run-away climate change. To do this, the world needs to urgently phase out the use of fossil fuels and shift to using sustainable, renewable energy.
Investing in renewable energy is also crucial for improving the lives of the one billion people around the world who don’t have access to electricity. Investing in off-grid renewable energy is the best way to provide affordable and sustainable energy for the poorest communities, benefiting local businesses and households.
We are therefore calling on the world's biggest public banks to shift all their money out of dirty fossil fuels and into sustainable, renewable energy to benefit the most vulnerable and remote communities. This would improve the lives of people all around the world and set a gold standard for other banks to aspire to.
Multilateral Development Banks (MDBs) such as the World Bank manage billions of dollars of public money. They are key to financing the shift to a sustainable, renewable global energy system. As major funders of fossil fuels, these Banks have a responsibility to lead the way on phasing out fossil fuels and shifting investment to distributed renewable energy.
Multilateral Development Banks must:
- Phase out all direct and indirect finance to fossil fuels including fossil gas and promote a just transition away from fossil fuel and high carbon intensity industries.
- Significantly scale up investment in sustainable renewable energy and ensure everyone has access to clean, safe energy.
- Include strong environmental, social and governance safeguards relating to fossil fuels and renewable energy including Full Prior Informed Consent with local communities.
- Be transparent and accountable about direct and indirect energy finance, the impacts of investments and in measuring emissions from the projects they fund.
The following organisations are supporting this initiative: 11.11.11, 350.org, Abibiman Foundation, ACCESS Coalition, ACT Alliance, Africa Coal Network, Africa Coalition for Sustainable Energy & Access (ACSEA), African Climate Reality Project, Arab Watch Coalition Asia Climate Change Consortium (ACCC), Bank Climate Advocates, Bank Information Centre, Both Ends, The Bretton Woods Project, CEDLA, Center for Earth Ethics, Centro Humboldt, Climate Action Network (CAN), Counter Balance, Christian Aid, Church World Service (CWS), Fossil Free South Africa, Gender Action, Global Catholic Climate Movement, Grupo de Financiamiento Climático para América Latina y el Caribe (GFLAC), GreenFaith, FEMAPO, Friends of the Earth US, Fundación Ambiente y Recursos Naturales, Inclusive Develpment International, Jeunes Volontaires pour l’Environnement (JVE), Maryknoll Office for Global Concerns (MOGC), Oil Change International, the Natural Resources Defense Council, NGO Forum on ADB, Pan African Climate Justice Alliance (PACJA), Philippine Movement for Climate Justice (PMCJ), Power Shift Africa, re-course, Reclaim Power, Season of Creation, Sierra Club, Solutions for Our Climate, Stand.Earth, SustainUS, Swedish Society for Nature Conservation, Tearfund, The Energy Mix, Vasudha Foundation, Urgewald and World Future Council.
Research Partners: E3G, Germanwatch, New Climate Institute