Dear Mark Carney, UN Special Envoy for Climate Action and Finance and
Mike Bloomberg, UN Secretary-General’s Special Envoy for Climate Ambition and Solutions
Global Ambassador for UN Race to Zero and Race to Resilience campaigns
We are writing to you to ask for your leadership, as Co-Chairs of the Glasgow Financial Alliance for Net Zero (GFANZ). The world is facing multiple crises, and in order to respond we must end fossil fuel expansion and rapidly accelerate investments in clean energy which according to the IEA must triple to $4 trillion annually.
That investment need is critical everywhere, but especially in Europe where up to $800 billion is required to end reliance on Russian fossil fuels now. In order to demonstrate the GFANZ commitment to the net zero transition, energy security in Europe and beyond, we are formally requesting that you publicly commit GFANZ, and push its members, to concrete investment pledges, timetables and plans for meeting these clean energy investment needs by COP 27.
The UN World Meteorological Organization’s (WMO) new State of Global Climate report shows the devastating signs of humanity’s impact on the planet. We are breaking new climate records, which are bringing long-lasting effects, wreaking a heavy toll on human life and billions in damages. As United Nations Secretary-General Antonio Guterres said the report is “a dismal litany of humanity’s failure to tackle climate disruption”. These impacts are not put on pause as we deal with roiling global energy markets, instead they continue to accelerate.
Meanwhile, the invasion of Ukraine by Russian Federation forces under the direction of Vladimir Putin is a blatant attack on Ukraine’s sovereignty and independence, a grave violation of human rights, international law, and global peace and a direct threat to global energy security. It is clear that the Russian war machine has been funded, fed, and fuelled by the coal, oil and gas industries. Moreover it has exacerbated a global cost of living crisis given the world’s over reliance on expensive, volatile and unreliable fossil fuel supplies.
Nowhere is the need for clean energy investment to address these crises more acute than Europe. Estimates differ but up to $800 billion is needed to eliminate Europe’s reliance on Russian fossil fuels altogether. While many GFANZ members have committed to exiting Russian fossil fuels in response to Putin’s unjust invasion of the Ukraine, none have publicly committed to the clean energy investment required to help Europe end that reliance once and for all.
But it’s not just Europe struggling with the fallout of Putin’s war of aggression and our over reliance on fossil fuels. The world is facing a global food crisis, Asia is dealing with limited gas supplies and skyrocketing prices. We need the financial system, and every member of GFANZ, to immediately commit to the $4 trillion the UNSG and the IEA have said is required for the world to transition to clean energy.
A different tomorrow is possible, if we act now. An end to financing fossil fuel expansion and a simultaneous rapid scaling up of public and private investments for renewable energy, energy efficiency and electrification can effectively mitigate climate change, strengthen energy security and make energy more affordable for consumers. The climate crisis is here, and the horrific invasion of Ukraine by Russian forces is proof that fossil fuels are hurting us, now.
The financial system needs to stop fueling the expansion of fossil fuels and as proposed by the UN Secretary-General, massively increase the investments going towards a clean, affordable, accessible, peaceful and fair future.
Now we need your leadership. We look forward to your response
Signed,
And supported by 63 organisations that represent over 1 million people.
- Energy Transition coalition
- NGO Ecoclub
- NGO “Social Initiative “City of the Sun”
- Solar Energy Association of Ukraine
- NGO Ecoaction
- NGO SumOfUs
- Tessa Khan, NGO Uplift
- Rev Fletcher Harper, NGO GreenFaith
- NGO BankTrack
- Bill McKibben, NGO Third Act
- Centre for Citizens Conserving Environment & Management (CECIC)
- Research-Intellectual Club Dialogue of Generations
- Zero Waste Alliance
- NGO Oil Change International
- Stand.earth
- NGO “Social Initiative “City of the Sun”
- NGO “Sustainable Development Agency “SYNERGY “
- Public Citizen
- Reclaim Finance
- Heffa Schuecking, Urgewald
- Not Here Not Anywhere Ireland
- Rev Dr Rachel Mash, Green Anglicans
- Accelerate Neighborhood Climate Action
- Businesses for a Livable Climate
- Call to Action Colora
- CatholicNetwork US
- Colorado Businesses for a Livable Climate
- Small Business Alliance
- Save the Environmental Protection Agency
- Southwest Organization for Sustainability
- Working for Racial Equity
- RapidShift Network
- Community for Sustainable Energy
- Greater New Orleans Housing Alliance
- Interstate 70 Citizens Advisory Group
- Indivisible Ambassadors
- Unite North Metro Denver
- Green House Collaboration Center
- Montbello Neighborhood Improvement Association
- Mental Health & Inclusion Ministries
- Mayfair Park Neighborhood Association Board
- Womxn from the Mountain
- The Phoenix Group
- Wilwerding Consulting
- Littleton Business Alliance
- Western Slope Businesses for a Livable Climate
- Spirit of the Sun
- Larimer Alliance for Health, Safety & Environment
- System Change Not Climate Change
- North Range Concerned Citizens
- Citizen’s Alliance for a Sustainable Englewood
- Wall of Women Colorado
- New Mexico & El Paso Region Interfaith Power and Light
- Clean Energy ActionEmpower our Future
- CO Dem. Party – Energy & Environmental Initiative
- Haiti Cholera Research Funding Foundation Inc.. USA HCRFF
- Long Beach Alliance for Clean Energ
- 350 Silicon Valley
- Center for International Environmental Law
- Honor the Earth
- Unite North Metro Denver
- Our Part/Banking for Climate
- The Greens Movement of Georgia/Friends of the Earth-Georgia
- North American Climate, Conservation and Environment(NACCE)