In response to the urgent need for global climate action, the COP28 climate negotiations set a target to triple global renewable energy capacity by 2030, demanding a significant transfer of public finance towards the expansion of clean energy systems.
The Banking on Renewables campaign, supported by the undersigned civil society organisations, asserts that all public climate finance for renewable energy must be used to deliver a just and inclusive energy transition, while delivering universal energy access.
This is in line with the mandate1 for multilateral development banks (MDBs) set by the G20 to eliminate extreme poverty, boost shared prosperity, and contribute to global public goods including the health of the planet. It also supports the call in the United Nations Pact for the Future2 for reform of the international financial architecture so that it can meet the urgent challenge of climate change and deliver the Sustainable Development Goals (SDGs).
Read and download the full statement here: Banking-on-Renewables-Statement-to-MDBs