Tell the Inter-American Development Bank: Stop Funding Fossils

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Your public comment will be delivered to the Inter-American Development Bank management and Board:

In this moment of global crises, we must invest our public money to build a better future, not lock in the status quo. Your new Environmental and Social Policy Framework can play an important role in ensuring the IDB does its part to secure a just recovery.

Join the ranks of leading public finance institutions by ending all of your support to fossil fuels.

The draft framework already proposes an end to support for upstream oil and gas activity, as well as projects related to thermal coal. That’s a move in the right direction, but the IDB doesn’t want its brand new policies to be out of date as soon as they’re published. A number of development finance institutions, both multilateral and bilateral, have already taken more decisive steps to end their support for fossil fuels, excluding not only thermal coal and upstream oil and gas, but other fossil fuel infrastructure as well, such as midstream gas infrastructure and gas-fired power plants. To join the ranks of the real climate leaders, the IDB should stop funding fossils, full stop. This will help the IDB focus on the highest and best use of its resources in support of development objectives, and will help its clients avoid the risk of stranded assets and reduce the likelihood of a disorderly, socially disruptive energy transition.

Please make the IDB a true climate leader. Don’t double down on polluting fossil fuels; instead, exclude all fossil fuel finance in the new Environmental and Social Policy Framework.

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    The Inter-American Development Bank is revising their safeguard policies, and they’re poised to say no to new funding for upstream oil and gas projects. Tell them that real climate leadership means ending all finance fossil fuel production - no tricks, no loopholes.

    From now until August 5th is the last chance to make our voices heard. 

    Our research shows that multilateral development banks and G20 governments still provide USD $77 billion in public finance for fossil fuels. This support has not dropped since the Paris Agreement was reached and it is still a staggering three times larger than their support for renewable energy.

    We need to see more leadership. 

    We already know that we can’t afford to expand fossil fuel production. We need to start winding down the oil and gas industry, not prop it up with public cash. Send your message now to tell IDB’s decision-makers: on climate change, we need the IDB to be part of the solution, not part of the problem.

     Photo Credit: Mariordo