Climate-Responsible Finance - a Moral Imperative towards Children - World
In October 2021, an interfaith message and appeal recognized the need to align financial investment with environmental and social responsibility standards, ensure greater accountability and transparency, and move away from investing in fossil fuels and investing in renewable energy and renewable agriculture.
Therefore, we reaffirm the commitment of the leaders of the signatories to contact financial institutions seeking banking, investment and insurance coverage to ensure that our financial relations are in line with the objective of the Paris Agreement limiting global warming to 1.5 . ° C.
In response to the seriousness of the 6th Report of the Intergovernmental Panel on Climate Change Assessment, we hope that all financial service providers working in our organizations promote their activities through the transition to a sustainable future and do not harm the climate crisis and vulnerable populations. , children and future generations on earth. UNICEF has documented that one million children are "at very high risk" of being affected by the effects of the climate crisis.
We encourage our financial service providers to invest in renewable energy and innovative environmental solutions that are sustainable for people, communities and ecosystems.
We will review our pension, banking, insurance and other financial services arrangements to provide evidence-based reporting in this regard as a moral duty and responsibility to all children and the world of life. We call on our financial service providers to take effective and urgent steps to move away from fossil fuel financing - in line with the decolorization routes set by the scientific community1 - by arranging investment portfolios to help them reduce their net greenhouse gas emissions . emissions by 2050,
- invest in renewable energy and research on climate solutions
- undertakes to completely phase out financial services and the impact of coal for Member States of the European Union and the Organization for Economic Co-operation and Development by 2030 and worldwide by 2040, and demands its abolition by the appropriate date. the obligation of all coal-related companies to remain in their wallets.
- Complete all E&P financing for new oil and gas projects in line with the latest science and climate change mitigation models.
- requires oil and gas companies to stop all new development or expansion projects after 2022, especially all projects in the Arctic region.
- An association of Net Zero Asset Owners, Banking Unions and / or Insurance Unions ^ 2 ^, constituted by the UN, depending on the type of financial institution in question, if not already part thereof.
We encourage financial institutions that work with our institutions to report regularly on their progress, including setting annual targets every five years ^ 3 In accordance with Article 4.9 of the Paris Agreement.
We call on all members of our group and all our partners to do the same so that together we can take effective action without words and change what we call it.
Professor Ioan Sauca
Acting Secretary-General
World Council of Churches
Erik Aser
director
UNEP Financial Initiative
Professor Iyad Abu Mogli,
director
UNEP Faith for the Earth
Sultan Alrumity Dr.
general secretary
Council of Muslim Elders
Rabbi Joseph Potasnik
Executive Vice President
New York Rabbinical Committee
Other items include the IPCC Pass / Descent Special Report 1.5C, including the revised one, released in March 2022, and the IEA 2021 Zero Net-Zero 2050 Guidance.
These alliances are developing the ability to take time-bound and effective steps to bring investment portfolios to zero greenhouse gas emissions by 2050.
It is better to set and reach such first milestones by 2025, but later than by 2030.