World Economic Forum 2020 Aims for Sustainability | Cluster de Biocombustibles Sólidos

This year’s annual meeting of the World Economic Forum will call on corporations to raise their ambitions for climate action under the theme Stakeholders for a Cohesive and Sustainable World. The meeting’s 50th edition, opening January 21 and running for four days in Davos-Klosters, will bring together over 3,000 participants from throughout the world.

Young climate activists, including Swedish climate activist Greta Thunberg, 17, will be attending the World Economic Forum this year in an effort to convince world leaders to end the fossil fuel economy.

“We demand that at this year’s Forum, participants from all companies, banks, institutions and governments immediately halt all investments in fossil fuel exploration and extraction, immediately end all fossil fuel subsidies and immediately and completely divest from fossil fuels,” wrote Thunberg and other young climate activists in an opinion piece in “The Guardian” newspaper on January 10.

“We don’t want these things done by 2050, 2030 or even 2021, we want this done now – as in right now,” they wrote.

Since the 2015 Paris Agreement on climate, 33 major global banks have collectively poured US$1.9 trillion into fossil fuels, according to a March 2019 report, “Banking on Climate Change” by six nonprofit organizations and endorsed by over 160 organizations around the world.

Released by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Sierra Club, and Honor the Earth, the report reveals that 33 global banks have provided US$1.9 trillion to fossil fuel companies since the adoption of the Paris climate accord at the end of 2015. The amount of financing has risen in each of the past two years.

Of this total, $600 billion went to 100 companies that are most aggressively expanding fossil fuels. The report shows that the business practices of the world’s major banks stand in contrast to a 2018 special report on global warming by the Intergovernmental Panel on Climate Change (IPCC). That report, “Global Warming of 1.5 °C,” outlined the critical need for a rapid phase-out of fossil fuels and estimated that the world’s clean energy investment needs are $2.4 trillion per year up to 2035.

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