November, 11 2020, 11:00pm EDT
Failing to Deliver Strong Commitments, Civil Society Groups Call the Finance in Common Summit a Wasted Opportunity
Public Development Banks now have a great collective responsibility to deliver concrete roadmaps and actions to make sure the announcements do not remain an empty shell.
WASHINGTON
The Finance in Common Summit, which saw over 400 public banks meeting to discuss global challenges, fell short today on delivering concrete and measurable commitments on how they would halt the climate and ecological crises. The Summit had a unique opportunity to outline transformational pledges based on common principles to stop harmful spending and set the world on track to build back better, yet the announcements made in the past two days show that there is a glaring lack of political will, making it another wasted opportunity.
As the world continues to grapple with multiple crises, with record-breaking Covid19 cases in many countries and deadly climate impacts continuing unabated, the time for empty words on paper is long over. We need clear plans on how public money will go towards solutions that avert the climate crisis, end poverty and inequality, integrate human rights and the rights of Indigenous Peoples into development projects and uplift those most vulnerable to compounding vulnerabilities, including women and girls.
In the run up to COP26, public banks must now step up their actions and ambition to fully align with the Paris Agreement, including by putting an end to all fossil fuel finance and scale up adaptation action, and meet the Sustainable Development Goals.
QUOTES
"Finance in Common has opened a pathway for public development banks to collaborate but urgent, ambitious, concrete action is needed. There is no excuse for the continued funding of billions of dollars in coal, gas or oil projects. This must stop now. A just recovery from Covid-19, must include more public money invested in sustainable, renewable energy that ensures everyone around the world has energy access. The multilateral development banks promised to align their lending with the Paris Agreement 5 years ago and yet a number of them did not even sign the declaration at Finance in Common. They must now, without further delay, turn commitment into action and lead the way for other public development banks and private finance to follow." Sophie Richmond, Big Shift Global Coordinator
"Public Development Banks must devote their sizeable financial resources and influence to building a just, equitable, inclusive and sustainable future for all. If not you, who will do it? Achieving the Sustainable Development Goals, limiting global warming to 1.5degC by fully implementing the Paris Agreement, and protecting nature should be the key drivers of action on the part of Public Development Banks over the coming decade. We stand ready to work with you so that these guiding lights and these ethical approaches become a reality. It's up to you to be on the right side of History, and seldom before have these words rung so true." Iara Pietricovsky, President of Forus
"Many fine words, but very few concrete commitments. The Finance in Common Summit fell short to demonstrate how public development banks would take the urgent and concrete actions needed to address the intertwined health, climate and biodiversity crises. Much more ambitious commitments, starting by ending all fossil fuel finance, are needed by COP26 if public development banks are serious about aligning their activities with the Paris Agreement's objectives. This also applies to France, host of the summit: it would be an international disgrace if France adopted the current government's proposal to allow export finance for gas projects for 15 more years, until 2035." Lucile Dufour, International Policy Adviser at Climate Action Network France
"Getting public finance institutions out of fossil fuels is an urgent task. This is the time for these publicly funded entities to make the right call and make sure that the resources available will be spent to create the future we need. We have a historic chance to drive real, transformative change and build back better in line with climate and sustainable goals. Real leadership from public banks would send a strong political signal towards the private sector to help build momentum towards a successful COP26 in 2021. With a rampant climate crisis and so much at stake for people's jobs and health, simply paying lip service to the need for a just recovery and a low-carbon transition won't cut it." May Boeve, 350.org Executive Director
"Finance in Common has opened a pathway for public development banks to collaborate but urgent, ambitious, concrete action is needed. There is no excuse for the continued funding of billions of dollars in coal, gas or oil projects. This must stop now. A just recovery from Covid-19, must include more public money invested in sustainable, renewable energy that ensures everyone around the world has energy access. The multilateral development banks promised to align their lending with the Paris Agreement 5 years ago and yet a number of them did not even sign the declaration at Finance in Common. They must now, without further delay, turn commitment into action and lead the way for other public development banks and private finance to follow." Sophie Richmond, Big Shift Global Coordinator
"Finance in Common is the beginning of a new era of multilateralism for the multilateral financial system - and for the global ecosystem of public banks large and small. These banks hold the key to a greener, better, more resilient and more just recovery from the COVID-19 crisis, and this summit is about together committing to deliver that. These institutions have immense power to shape the direction of development in Global North and South, and today they will commit to make that development climate-safe and sustainable, aligned with the Paris Agreement and other international goals. The key challenge now is to turn this into a lasting institution, bringing together all public banks large and small, all export credit agencies, all Multilateral Development Banks, including those that were not able to sign up to the declaration today, to get them to act as one. All public banks for one planet, one planet for all public banks, to paraphrase Alexandre Dumas." Sonia Dunlop, Senior Policy Advisor at E3G
"Finance in Common failed completely to address the legacy of PDBs supporting projects linked to human rights abuses affecting thousands if not millions the world over. With no real commitments to community-led development, respect for indigenous peoples' rights, protection of defenders raising their voice around PDB-financed activities or a rights-based approach more generally, any talk of inclusive development is just that: talk." Mark Fodor, Defenders in Development campaign Coordinator at the Coalition for Human Rights in Development
"In the Joint Declaration, the signing development banks state they aim to develop strategies to align their financial flows with the Paris Agreement by the UN Climate Summit at the end of next year. They also want to consider ways of reducing their investments in fossil fuels. Progress will have to be assessed then. By the UN climate summit in 2021, progressive public development banks should lead the way by forming a coalition that no longer finances fossil fuel-related investments." Sophie Fuchs, Policy Advisor at Germanwatch
"Developing countries are battling the Covid-19 health and economic emergency while facing a debt crisis that has left health systems vastly underfunded and Zambia on the verge of default. Yet public development banks have this week failed to step up and help address this debilitating debt burden. For there to be any hope of debt sustainability in the future, public development banks must play a responsible role now by cancelling their share of countries' debt, which is crippling governments' capacity to respond to the pandemic. Debt cancellation is essential for a just, green and feminist recovery from the Covid-19 crisis. Without it, there is no sustainable path to stability and development in dozens of the world's poorest countries." Soren Ambrose, Fiscal justice policy advisor at ActionAid
"Finance in Common provided an ideal opportunity for public development banks to stake out a roadmap for meaningful climate action towards COP26 in 2021, as well as raise the bar on other important issues, such as human rights. But a lack of ambition and timebound commitments make the summit's Joint Declaration next to meaningless. It is particularly disappointing that multilateral development banks, such as the World Bank and Asian Infrastructure Investment Bank, refused to make their engagement official by signing the declaration. The next 12 months, building up to the next Summit and COP26, will be critical for rectifying these mistakes." Petra Kjell, Campaigns Manager at Recourse
"Without a concrete commitment to end public finance for fossil fuels this Summit can't be considered a success for climate action. It's too late for vague words about phasing out one fossil fuel at a time. Our research shows that the oil, gas, and coal in developed fields and mines that exist now would be enough to blow our carbon budget for 1.5oC or 2oC. There is no room for new fossil fuel funding from public development banks. But there are bright spots: banks like the European Investment Bank and Swedfund have already banned oil and gas financing, and President-elect Joe Biden has committed to stop financing dirty energy at home and abroad. The EIB said it is ready to cooperate with others in this area. Between now and the UN climate negotiations, COP26 in Glasgow next year, public finance institutions must act on this call and work together to stop funding fossils." Laurie van der Burg, Senior Campaigner at Oil Change International
"We are witnessing a big shift in the appetite for fossil fuels especially coal across lower and middle income countries across Asia. The US election results are also ushering a revival of the Paris agreement in the international system. Therefore it comes as an absolute shock that the ADB with US, Japanese, European and the AIIB with China as major shareholders are not committing to this critical and immediate declaration. This begs to question whether the ADB and the AIIB management systems have absolute autonomy to craft their own positions on climate and energy investments? Are management representatives of ADB and AIIB more powerful in dictating energy investments in Asia than even their respective donor governments and borrowing members?" Rayyan Hassan, Executive Director at Forum on ADB
"The global coalition of PDBs formed at this summit is committed to deliver a work program and accountability framework, building on their Joint Declaration. Words now have to be put into action. At the same time, the mandate, policies and operations of PDBs have to be changed to deliver in the public interest, instead of reproducing a problematic development model. The international community must hold PDBs accountable for the good intentions delivered today." Jean Saldanha, Director of Eurodad
"Public Development Banks have a great responsibility in making sure that investments directly benefit communities. We urge them to stop funding fossil fuel projects, and place human rights, racial and climate justice at the core of their actions. They must lead the way and initiate a deep and rapid shift in the way they operate, in line with a Just Recovery for all. But they are still lagging behind." Clemence Dubois, France Team Leader at 350.org
"We need to restructure financing for development so that it builds resilient societies, responds to communities' needs and protects ecosystems. The current development model is not fit for the world we want, too often we are bullied by those who put profit before people. This has to change. Finance in Common has started a process for PDBs to take bold and ambitious action to build a future in common, and meaningful participation of civil society can help them deliver. This is the kind of leadership we need from Public Development Banks." Sarah Strack, Director at Forus
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
LATEST NEWS
National Team Member Becomes at Least 265th Palestinian Footballer Killed by Israel in Gaza
Muhannad al-Lili's killing by Israeli airstrike came as the world mourned the death of Portugal and Liverpool star Diogo Jota and his brother André Silva in a car crash in Spain.
Jul 04, 2025
Muhannad Fadl al-Lili, captain of the Al-Maghazi Services Club and a member of Palestine's national football team, died Thursday from injuries suffered during an Israeli airstrike on his family home in the central Gaza Strip earlier this week, making him the latest of hundreds of Palestinian athletes killed since the start of Israel's genocidal onslaught.
Al-Maghazi Services Club announced al-Lili's death in a Facebook tribute offering condolences to "his family, relatives, friends, and colleagues" and asking "Allah to shower him with his mercy."
The Palestine Football Association (PFA) said that "on Monday, a drone fired a missile at Muhannad's room on the third floor of his house, which led to severe bleeding in the skull."
"During the war of extermination against our people, Muhannad tried to travel outside Gaza to catch up with his wife, who left the strip for Norway on a work mission before the outbreak of the war," the association added. "But he failed to do so, and was deprived of seeing his eldest son, who was born outside the Gaza Strip."
According to the PFA, al-Lili is at least the 265th Palestinian footballer and 585th athlete to be killed by Israeli forces since they launched their assault and siege on Gaza following the October 7, 2023 Hamas-led attack on Israel. Sports journalist Leyla Hamed says 439 Palestinian footballers have been killed by Israel.
Overall, Israel's war—which is the subject of an International Court of Justice (ICJ) genocide case—has left more than 206,000 Palestinians dead, maimed, or missing, and around 2 million more forcibly displaced, starved, or sickened, according to Gaza officials.
The Palestine Chronicle contrasted the worldwide press coverage of the car crash deaths of Portuguese footballer Diogo Jota and his brother André Silva with the media's relative silence following al-Lili's killing.
"Jota's death was a tragedy that touched millions," the outlet wrote. "Yet the death of Muhannad al-Lili... was met with near-total silence from global sports media."
Last week, a group of legal experts including two United Nations special rapporteurs appealed to the Fédération Internationale de Football Association, the world football governing body, demanding that its Governance Audit and Compliance Committee take action against the Israel Football Association for violating FIFA rules by playing matches on occupied Palestinian territory.
In July 2024, the ICJ found that Israel's then-57-year occupation of Palestine—including Gaza—is an illegal form of apartheid that should be ended as soon as possible.
During their invasion and occupation of Gaza, Israeli forces have also used sporting facilities including Yarmouk Stadium for the detention of Palestinian men, women, and children—many of whom have reported torture and other abuse at the hands of their captors.
Keep ReadingShow Less
'Highly Inspiring' Court Ruling Affirms Nations' Legal Duty to Combat Climate Emergency
"While the United States and some other major polluters have chosen to ignore climate science, the rest of the international community is advancing protections," said one observer.
Jul 04, 2025
In a landmark advisory opinion published Thursday, the Inter-American Court of Human Rights—of which the United States, the world's second-biggest carbon polluter, is not a member—affirmed the right to a stable climate and underscored nations' duty to act to protect it and address the worsening planetary emergency.
"States must refrain from any conduct that reverses, slows down, or truncates the outcome of measures necessary to protect human rights in the face of the impacts of climate change," a summary of the 234-page ruling states. "Any rollback of climate or environmental policies that affect human rights must be exceptional, duly justified based on objective criteria, and comply with standards of necessity and proportionality."
"The court also held that... states must take all necessary measures to reduce the risks arising, on the one hand, from the degradation of the global climate system and, on the other, from exposure and vulnerability to the effects of such degradation," the summary adds.
"States must refrain from any conduct that reverses, slows down, or truncates the outcome of measures necessary to protect human rights in the face of the impacts of climate change."
The case was brought before the Costa-Rica based IACtHR by Chile and Colombia, both of which "face the daily challenge of dealing with the consequences of the climate emergency, including the proliferation of droughts, floods, landslides, and fires, among others."
"These phenomena highlight the need to respond urgently and based on the principles of equity, justice, cooperation, and sustainability, with a human rights-based approach," the court asserted.
IACtHR President Judge Nancy Hernández López said following the ruling that "states must not only refrain from causing significant environmental damage but have the positive obligation to take measures to guarantee the protection, restoration, and regeneration of ecosystems."
"Causing massive and irreversible environmental harm...alters the conditions for a healthy life on Earth to such an extent that it creates consequences of existential proportions," she added. "Therefore, it demands universal and effective legal responses."
The advisory opinion builds on two landmark decisions last year. In April 2024, the European Court of Human Rights ruled that the Swiss government violated senior citizens' human rights by refusing to abide by scientists' warnings to rapidly phase out fossil fuel production.
The following month, the International Tribunal for the Law of the Sea found in an advisory opinion that greenhouse gas emissions are marine pollution under the United Nations Convention on the Law of the Sea and that signatories to the accord "have the specific obligation to adopt laws and regulations to prevent, reduce, and control" them.
The IACtHR advisory opinion is expected to boost climate and human rights lawsuits throughout the Americas, and to impact talks ahead of November's United Nations Climate Change Conference, or COP30, in Belém, Brazil.
Climate defenders around the world hailed Thursday's advisory opinion, with United Nations High Commissioner for Human Rights Volker Türk calling it "a landmark step forward for the region—and beyond."
"As the impact of climate change becomes ever more visible across the world, the court is clear: People have a right to a stable climate and a healthy environment," Türk added. "States have a bedrock obligation under international law not to take steps that cause irreversible climate and environmental damage, and they have a duty to act urgently to take the necessary measures to protect the lives and rights of everyone—both those alive now and the interests of future generations."
Amnesty International head of strategic litigation Mandi Mudarikwa said, "Today, the Inter-American Court affirmed and clarified the obligations of states to respect, ensure, prevent, and cooperate in order to realize human rights in the context of the climate crisis."
"Crucially, the court recognized the autonomous right to a healthy climate for both individuals and communities, linked to the right to a healthy environment," Mudarikwa added. "The court also underscored the obligation of states to protect cross-border climate-displaced persons, including through the issuance of humanitarian visas and protection from deportation."
Delta Merner, lead scientist at the Science Hub for Climate Litigation at the Union of Concerned Scientists, said in a statement that "this opinion sets an important precedent affirming that governments have a legal duty to regulate corporate conduct that drives climate harm."
"Though the United States is not a party to the treaty governing the Inter-American Court of Human Rights, this opinion should be a clarion call for transnational fossil fuel companies that have deceived the public for decades about the risks of their products," Merner added. "The era of accountability is here."
Markus Gehring, a fellow and director of studies in law at Hughes Hall at the University of Cambridge in England, called the advisory opinion "highly inspiring" and "seminal."
Drew Caputo, vice president of litigation for lands, wildlife, and oceans at Earthjustice, said that "the Inter-American Court's ruling makes clear that climate change is an overriding threat to human rights in the world."
"Governments must act to cut carbon emissions drastically," Caputo stressed. "While the United States and some other major polluters have chosen to ignore climate science, the rest of the international community is advancing protections for all from the realities of climate harm."
Climate litigation is increasing globally in the wake of the 2015 Paris climate agreement. In the Americas, Indigenous peoples, children, and green groups are among those who have been seeking climate justice via litigation.
However, in the United States, instead of acknowledging the climate emergency, President Donald Trump has declared an "energy emergency" while pursuing a "drill, baby, drill" policy of fossil fuel extraction and expansion.
Keep ReadingShow Less
Trump Admin Quietly Approves Massive Crude Oil Expansion Project
"This thinly analyzed decision threatens the lifeblood of the American Southwest," said one environmental attorney.
Jul 04, 2025
The Trump administration has quietly fast-tracked a massive oil expansion project that environmentalists and Democratic lawmakers warned could have a destructive impact on local communities and the climate.
As reported recently by the Oil and Gas Journal, the plan "involves expanding the Wildcat Loadout Facility, a key transfer point for moving Uinta basin crude oil to rail lines that transport it to refineries along the Gulf Coast."
The goal of the plan is to transfer an additional 70,000 barrels of oil per day from the Wildcat Loadout Facility, which is located in Utah, down to the Gulf Coast refineries via a route that runs along the Colorado River. Controversially, the Trump administration is also plowing ahead with the project by invoking emergency powers to address energy shortages despite the fact that the United States for the last couple of years has been producing record levels of domestic oil.
Sen. Michael Bennet (D-Colo.) and Rep. Joe Neguse (D-Colo.) issued a joint statement condemning the Trump administration's push to approve the project while rushing through environmental impact reviews.
"The Bureau of Land Management's decision to fast-track the Wildcat Loadout expansion—a project that would transport an additional 70,000 barrels of crude oil on train tracks along the Colorado River—using emergency procedures is profoundly flawed," the Colorado Democrats said. "These procedures give the agency just 14 days to complete an environmental review—with no opportunity for public input or administrative appeal—despite the project's clear risks to Colorado. There is no credible energy emergency to justify bypassing public involvement and environmental safeguards. The United States is currently producing more oil and gas than any country in the world."
On Thursday, the Bureau of Land Management announced the completion of its accelerated environmental review of the project, drawing condemnation from climate advocates.
Wendy Park, a senior attorney at the Center for Biological Diversity, described the administration's rush to approve the project as "pure hubris," especially given its "refusal to hear community concerns about oil spill risks." She added that "this fast-tracked review breezed past vital protections for clean air, public safety and endangered species."
Landon Newell, staff attorney for the Southern Utah Wilderness Alliance, accused the Trump administration of manufacturing an energy emergency to justify plans that could have a dire impact on local habitats.
"This thinly analyzed decision threatens the lifeblood of the American Southwest by authorizing the transport of more than 1 billion gallons annually of additional oil on railcars traveling alongside the Colorado River," he said. "Any derailment and oil spill would have a devastating impact on the Colorado River and the communities and ecosystems that rely upon it."
Keep ReadingShow Less
Most Popular