US Senators, Int’l Policymakers, & Prime Minister of Nepal Kick Off Climate Week NYC with Forum on Climate Finance for the Global South
FOR IMMEDIATE RELEASE
Date: September 21, 2024
Press Contacts:
Laurel Sutherlin, Rainforest Action Network, laurel@ran.org
Denise Fontanilla, Parliamentarians for a Fossil-Free Future, media@parlfossilfree.org
US Senators, International Policymakers, and Prime Minister of Nepal Kick Off Climate Week NYC with Forum on Climate Finance for the Global South
World leaders: no transition without a focus on global equity and cooperation
(New York City, New York) — In a stunning venue overlooking Bryant Park, US Senators Whitehouse and Markey, NYC Comptroller Brad Lander, Indigenous Leaders, US Gulf Coast South community activists, the Prime Minister of Nepal, with policymakers from Peru, Tanzania, Brazil, Canada, Colombia and Bolivia participated in a forum to detail what needs to happen in the banking industry for a global energy transition. On September 21st, from 1pm to 4pm at the Glass House on the Park, Parliamentarians for a Fossil Free Future with Rainforest Action Network and Asian Peoples’ Movement on Debt and Development convened the event called Financing the Future: Aligning Finance with the Promise of the Paris Agreement.
Bank executives and policymakers in attendance heard about parliamentary oversight of financial institutions, mechanisms and incentives for transition, and how current financial flows entrench the globe in over reliance on fossil fuels. The event is timely for Climate Week NYC, where a summerlong campaign against Citibank called Summer of Heat lambasted the bank being the top funder of fossil fuel expansion. Panel participants suggested stronger policies and regulations than the patchwork of carbon credits, net zero aspirations, and debt-for-nature swaps as these schemes are failing.
Speakers also outlined the systemic financial hurdles that prevent an equitable transition to a climate stable future. These challenges include massive national debts owed to private banks on fossil projects that ought to be shut down, the lack of funding for climate resilience to the most vulnerable countries suffering the most from climate disaster, and funding offered for false solutions like carbon capture and Liquified Natural Gas/methane facilities.
STATEMENTS
“As Parliamentarians, we have a duty to use our power to lift up community voices and to amplify pressure on decision-makers and those with resources. We must continue to fight to align financing with policies that support nations that have suffered the most from environmental injustice. We cannot afford inaction. We must act now, ” said U.S. Senator Edward J. Markey.
“The New York City retirement systems’ responsibility as fiduciaries is to protect the long-term financial health of our pension funds, and that means addressing the systemic risks posed by climate change. We cannot allow short-term political distractions derail the progress we’ve made in aligning our investments with a green future. I am proud to stand alongside global leaders in responsible investing as we push for the urgent financial shifts away from fossil fuels, and my office is committed to aligning our pension fund investments with sustainable ESG principles, ensuring our pension portfolio sees long-term growth for all of New York City’s current and retired public workers,” said New York City Comptroller Brad Lander.
“The Amazon is on fire largely due to the climate emergency, which is in turn bankrolled by mostly Global North governments and banks. We organized this forum in order to be able to listen directly to Indigenous peoples and other affected communities and unite in calling out the largest emitters and their funders,” said Brazil MP Célia Xakriabá.
“Parliamentarians have an integral role to play in future-proofing our constituents’ lives and livelihoods. I have proposed the Climate-Aligned Finance Act in the Canadian Senate to ensure that our government and financial institutions - which are among the fossil fuel majors - are made accountable,” said Canada Senator Rosa Galvez.
“The fight against climate change and environmental degradation is the fight of humanity. Colombia is taking steps to address this, including in our Congress, but we need more concerted efforts and resources to usher in a just transition nationally and globally,” said Colombia MP Juan Carlos Lozada.
“The wildfires in Bolivia, across the Amazon and other ecosystems, driven not just by climate change but also harm policies, have led to never-ending tragedy and horror. We are here in New York to ensure developed countries keep to their promises, even as we legislators from developing countries also do our part to improve our governments’ policies,” said Bolivia Senator Cecilia Requena.
“In my small Ponca tribe, we hold a funeral nearly every week from fossil fuel-related illnesses. All our families have multiple cases of asthma, cardiovascular disease and industry-specific cancers. Our wells are so polluted our tribe must now buy water. Our land is so toxic, organic food can’t be grown within 16 miles. The financial institutions that are backing fossil fuel development must be held accountable and stop their deadly actions. The banks must divest from fossil fuels now and invest in a Just Transition!” said Casey Camp-Horinek (Ponca Nation), Environmental Ambassador for the Ponca Nation.
“Balancing development with climate and environmental protection must be a win-win. Tanzania and other African countries call on the US and the other developed countries to not just lead domestically but usher in fossil-free finance in our continent,” said Tanzania MP Nusrat Hanje.
“From the US south to the Global South, we will not let the fossil fuel industry and its bank enablers turn our communities into sacrifice zones. Stopping fossil fuel expansion where I live does more than save my kids, it saves everyone who will be directly impacted by this dirty energy. I’m pushing banks, our policymakers to do better for us, and for all of us,” said Roishetta Ozane of the Vessel Project in Louisiana.
“This forum is an urgent call from frontline leaders and lawmakers from across the world that financial institutions must transition away from fossil fuels towards a clean just energy future. Banks have a huge role in helping or hindering climate goals, and if they follow the leadership of those who are the most impacted by climate chaos, they’d stop hindering.” said Aditi Sen from Rainforest Action Network.
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