COP27: Keep 1.5 Alive and Phase Out All Fossil Fuels
Experts called on COP27 decision-makers to commit to ensuring that a swift, just and equitable phase-out of fossil fuels is secured in the final text, in order to stay at 1.5 degrees.
Experts called on COP27 decision-makers to commit to ensuring that a swift, just and equitable phase-out of fossil fuels is secured in the final text, in order to stay at 1.5 degrees.
Oil, gas and coal production and emissions are a primary threat to our water, health, biodiversity and ability to provide economic and energy security.
The report documents that in the six years since the Paris Agreement was adopted, the world’s 60 largest private banks financed fossil fuels with USD $4.6 trillion, with $742 billion in 2021 alone.
The IPCC’s findings, signed off by 195 governments, show that the most marginalized and vulnerable people are already being hit hardest by a range of devastating climate impacts driven by fossil fuels.
More than 20 countries and institutions, launched a joint statement committing to end direct international public finance for unabated coal, oil and gas by the end of 2022 and prioritize clean energy finance.
Mobilizations will spread across all regions of the globe, including the UK and the COP's host city, Glasgow.