Since the Paris Agreement was signed the world’s banks have pumped $5.5 trillion into fossil fuels.
A new global campaign for a proposed Fossil Fuel Non-Proliferation Treaty has been launched in the hope an international agreement could help phase out the use of coal, oil, and gas – the primary drivers of the fast accelerating climate crisis.
The Fossil Fuel Non-Proliferation Treaty initiative is a global effort to meet the goals of the Paris Agreement by fostering international cooperation to accelerate a transition to clean energy for everyone, end the expansion of coal, oil and gas, and phase out existing production.
The initiative is supported by eight nation-states, more than 3,000 scientists and academics, 101 Nobel laureates, hundreds of health professionals, thousands of religious institutions including, a growing number of Indigenous organisations and youth activists, almost 100 cities and subnational governments, more than 600 Parliamentarians across the world, and a growing number of businesses in calling for a treaty to phase out fossil fuels and fast track a fair energy transition.
Catastrophic
Ali Sheridan, the director of major partnerships at The Fossil Fuel Non-Proliferation Treaty initiative, said: "The treaty proposal seeks to ensure that governments finally assume their climate responsibilities and implement a just transition away from fossil fuel production, based on cooperation and equity.
"Businesses can play a leading role in building a fair and sustainable future, but it is imperative this is done in a credible way that ensures no one is left behind and that secures a fossil free future.
"Financial institutions in particular have a vital role to play in shifting away from enabling dangerous fossil fuel production towards actively supporting cleaner and fairer energy sources."
Triodos Bank is the first bank to join the initiative. The finance sector has a key role to play. Since the Paris Agreement was signed the world’s banks have pumped $5.5 trillion into fossil fuels, its chief executive observes.
Jeroen Rijpkema said: “The science is clear that ending new exploration and expansion and phasing-out fossil fuel production is critical over the next decade to keep the world in line with global climate goals and to avoid catastrophic climate disruption. What we do today will decide the emissions of tomorrow.”
Shifting
While the Paris Agreement set a crucial global climate target, many governments continued to approve new coal, oil and gas projects even though burning the world’s current fossil fuel reserves would result in seven times more emissions than what is compatible with keeping warming below 1.5ºC.
Last week, the UNEP Production Gap Report 2023 warned that fossil fuel extraction plans are undermining the world’s chances of meeting our global climate targets. The report revealed indeed that, despite their climate pledges, governments still plan to produce around 110 per cent more fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.
Since the Paris Agreement was signed the world’s banks have pumped $5.5 trillion into fossil fuels.
Ali Sheridan added: "The Treaty proposal seeks to ensure that governments finally assume their climate responsibilities and implement a just transition away from fossil fuel production, based on cooperation and equity.
"Businesses can play a leading role in building a fair and sustainable future, but it is imperative this is done in a credible way that ensures no one is left behind and that secures a fossil free future.
"Financial institutions in particular have a vital role to play in shifting away from enabling dangerous fossil fuel production towards actively supporting cleaner and fairer energy sources.
Ambitious
“The era of fossil fuels is coming to an end. By supporting the Fossil Fuel Non-Proliferation Treaty Initiative, businesses can play a vital role in securing the international and multi stakeholder approach needed to deliver fossil fuel phase out and secure a safe future for all.
Triodos Bank has always been an advocate for a fossil fuel-free economy, for instance by initiating the commitment the Dutch financial has signed to the climate agreement of the Dutch government.
Since its inception in 1980, Triodos Bank has financed renewable energy, explicitly excluding fossil fuels. It has a clear roadmap to make the economy more sustainable and just, focusing on five interlinked transition themes: food, resource, energy, society and well-being.
In addition, Triodos Bank has set an ambitious target of being net-zero by 2035 with all its loans and investments, and in its own operations. It aims to reach this target by reducing its own emissions and the absolute emissions of the activities it finances.
This Author
Brendan Montague is the editor of The Ecologist. This article is based on a press release from Triodos Bank. Triodos Bank donated £600 to an event held by The Ecologist in June 2023. The publication of this article does not form part of that partnership agreement.
