NGOs’ Letter

Demanding Phase Out of Fossil Fuel Funding

On October 23, 2001, just before the Climate Convention Conference COP7 in Morocco, 70 NGOs and networks including INFORSE-Europe sent a letter to presidents of Multilateral Development Banks (MDBs) and Export Credit Agencies (ECA).

In the letter, it is proposed to introduce criteria for MDB and ECA projects to bring them in line with the recent resolutions of the Kyoto Protocol. This includes phasing out fossil-fuel investment of public funds, which is in direct conflict with fighting human-induced global climate change.

The letter also cites the need for "no-go zones" for mining and drilling projects, including areas of high conservation value and areas where such projects could escalate violence and civil unrest. Another concern of the letter is stopping MDB and ECA investments in nuclear power.

Finally, the letter reiterates the recommendations of the G8 Renewable Energy Task Force, which called for investments that truly alleviate poverty and promote sustainable economic development.

Information: www.bankwatch.org.