Following the announcement of $11T divestment from fossil fuels industry milestone yesterday, day one of Financing The Future Global Climate Divest-Invest Summit kicked off today. The rooms were filled with over 300 delegates from over 44 countries. Below is a brief update of the topics discussed at today’s conference.
Remember that you can follow along on the conference live stream here – https://financingthefuture.global/#watch, use the conference hashtag #FinancingTheFuture, and follow the conversation on social media here.
Summit Vlog: Day One Review with Rev. Fletcher Harper
Why and How Financing the Future Helps Save People and Planet
Financing the Future is about working towards the goal of ending fossil fuels, to create a world of community-led renewable energy by actively divesting from fossil fuels and investing in renewable energy, particularly in the global South. This international movement accelerates the transition to a clean energy economy, to stop and ban all oil, coal and gas projects from being built locally, and lastly, by cutting off all financing for fossil fuel companies. By focusing our energy on deliberate actions aimed at choking finance into the fossil fuel industry, we can free up funds to positively impact frontline communities that are losing their livelihoods to the unjust practices of these companies.
Stories of Investment and Divestment
Samia Bwana of deCOALonize campaign told a compelling story of the campaign, of how it was all started by a group of volunteers from different ethnicities and races in Lamu, Kenya. She brought home the stark reality of the costs activists pay for doing their work to fight for climate justice, including one activist who died during the campaign. But it is nonetheless an inspiring story, of how local activists stopped a harmful proposal which would have resulted in a catastrophic impact on their community. By using tactics ranging from protesting and employing the legal framework of the country, the deCOALonize campaign is a powerful example of how engaging communities can lead to lasting change for those affected.
More than Money Alone – Divest-Invest as a Cultural, Political Force for Change
In building a transformative and inclusive energy economy, we need to look at all of the influences that can catalyse significant shifts from old models and establish more sustainable energy solutions.
In the wake of a sensitive gender environment currently in South Africa, Dorah Marema of GenderScsa women said, “Climate justice is not just justice without gender justice”. The most disenfranchised users in the energy supply chain are African women. Energy access is a challenge in most local households, with implemented measures by the government not reaching their full potential due to a lack of stakeholder awareness and the sharing of information.
“Financial markets are moving because of our opponents getting significantly weaker. The largest oil firm, Exxon, keeps destroying shareholder wealth” according to Tim Buckley, co-founder of a global listed start-up, clean energy equities fund with Westpac.
- Power to the People – stories of community-based, socially inclusive energy access
- Development Banks and Climate Finance – Turning the Tide towards a Sustainable Future
- What you need to know – The practicalities of Divest-Invest
- Local Governments divesting and investing for a sustainable future
- Work and Life – Jobs, Health, and Divest-Invest
- Aligning investments with values – faith communities and Divest-Invest
- A World of Good – Philanthropy and Divest-Invest
- Best Practices in Divest-Invest – Model divest invest campaigns and what we can learn
- Dismantling an Unholy Alliance – Government and Democracy undermined by the Fossil Fuel Industry
- Financing the Future – How We Can Do It?
Additional Reports From The Summit
Press Conference Recap and Day One Preview with Emira Woods
Islamic Leaders Issue Fatwa For Energy Access At Financing The Future, via the Shine Campaign’s blog