ACTION Aid Zimbabwe, a non-profit organisation, has called for the youths to continue to sign the #FundOurFuture petitions to stop big banks from funding fossil fuel companies.
ActionAid activist leader Eric Moyo told Southern Eye that western countries are the ones behind the climate crisis being experienced around the world, hitting hard underdeveloped countries.
“Did you know that while the Global North countries such as the USA and those in Europe led us to be in this climate crisis we are in, their big banks continue to invest billions of dollars in companies and activities that are causing climate change and undermining human rights?” Moyo said.
“From 2016 to 2022, a British multinational universal bank, a US banking subsidiary of a multinational corporation) and a multinational universal bank with links to Britain and Asia (names supplied) together directed US$42,6 billion to industrial agriculture and US$183,7 billion into fossil fuel financing in the global south.”
Moyo said it is a worrying situation because in underdeveloped countries, investments channelled towards dealing with climate change have gone down.
“Worryingly, renewable energy investment in the Global South has been on a downward trend, sliding more than halving from US$15 billion in 2016 to US$7 billion in 2021, likely due to the growing number of countries facing debt distress,” he said .
“Governments in the Global North continue to disproportionately fuel the climate crisis. Even though the Global North has just one quarter of the world’s population, their annual average fossil fuel subsidies came to US$239,7 billion.”
Moyo said they were demanding that the big banks should stop financing oil, gas and coal that harm the planet and violate human rights.
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“Banks must have clear targets to stop financing fossil fuels and soon! (They should stop) financing industrial agriculture that harms communities with bad practices such as deforestation, land grabs, fossil-fuelled fertilisers, factory farming and child labour,” Moyo said.
“Instead, these banks should focus on financing renewable energy alternatives, and agroecology initiatives that are essential for strengthening our adaptation.”
Moyo said they had managed to do door-to-door campaigns in three areas, namely Bulilima, Mangwe, in Harare and the process is still ongoing.
