Organizations demand #FixTheFinance for climate justice during four days of action – Times of India


NEW DELHI: Civil society organizations are embarking on a four-day global action from April 16 to 19, mobilizing to call upon governments, banks, and financial institutions to #FixTheFinance for climate justice, recognizing the urgent need for climate action worldwide. There is a growing sense that addressing the climate crisis, which is pushing the planet to the brink, requires fixing the world’s financial flows.
April 2024 kicks off a year that will spotlight finance issues as central to the climate conversation.With the IMF/World Bank spring meetings and G20 finance ministers’ meeting this April, and bank AGMs scheduled in the coming weeks, civil society organisations are jointly mobilising to call on governments, banks and financial institutions to #FixTheFinance.
These mobilizations are also part of a wider push for climate action ahead of UN climate negotiations to agree on a critical new climate finance goal at COP29 in November.
The four days of actions include stunts, mobilizations, workshops, and climate strikes in countries including Bangladesh, India, Nepal, Italy, Kenya, Gambia, Malawi, Nigeria, Tanzania, Zambia, and Zimbabwe. Additionally, there will be a webinar, a digital day of action, and an escalation of actions including at the spring meetings in Washington DC on April 19, where activists will highlight how global finance flows are failing the planet and how they must be addressed if the world is to have a chance of averting a total climate breakdown.
Organisations participating in the mobilisations include ActionAid, Global Platforms, Asian Peoples’ Movement on Debt and Development (APMDD), Big Shift Global, Christian Aid, Climate Action Network, Fridays for Future, Oxfam, Power Shift Africa, Urgewald and
The on Tuesday stated that far more of the world’s money is still flowing to the causes of the climate crisis than the solutions. The current global financial system is better designed to escalate – rather than address – climate change, vulnerability and inequality. Meanwhile, the appetite for climate action is not matched by a willingness to cover the costs.
Banks, multilateral institutions and regional development banks are financing fossil fuels and harmful industrial agriculture that are responsible for the climate crisis and destruction of local communities.
Governments are using precious public funds to subsidise destructive international corporations instead of providing real support for community-led climate solutions. Climate disasters and multilateral institutions are pushing countries on the frontline of the climate crisis deeper into debt. And the World Bank is not being transparent, hiding its use of public funds for fossil financing.
Meanwhile, wealthy countries have broken their promises to provide the climate finance necessary to help frontline communities adapt to the impacts and transition to greener pathways, and put the planet on a path to safety. Instead they are offering loans under the banner of climate finance, pushing vulnerable countries deeper into debt traps that lead to destructive fossil fuel expansion.
Organisations that represent and work with youth, women, farmers, Indigenous Peoples, activists and frontline communities are mobilising to remind governments and financial institutions that it is time for them to #FixTheFinance. They are calling on governments, multilateral institutions and private banks to stop financing destruction and to be more transparent, and for the climate finance, debt cancellation, tax justice and shifting of finance flows needed to properly resource community-led solutions and just transitions.


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