By Faridat Salifu
A coalition of 50 organizations known as the Big Shift Global campaign is putting pressure on the Multilateral Development Banks, particularly the World Bank and its President Ajay Banga, to take bold actions during the Spring Meetings.
They are particularly calling for a shift in investments away from fossil fuels and towards renewable energy sources.
The Big Shift Global campaign stressed that it is crucial for institutions like the World Bank to stop using public funds to support fossil gas projects.
The group highlighted the critical need forl transition, especially in light of the global decision to phase out fossil fuels at the recent climate talks in Dubai, UAE.
It said, despite this urgency, the World Bank has been criticized for persisting in promoting outdated and harmful fossil fuel projects, drawing concerns about its reputation.
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The BSG noted that local communities, particularly vulnerable groups like women, indigenous peoples, and marginalized populations, were bearing the brunt of the negative impacts of fossil fuel infrastructures.
With the World Bank celebrating its 80th anniversary, the call for change is louder than ever.
The campaigners also noted that emphasis is on aligning financial strategies with the goals of the Paris Agreement and transitioning out of fossil fuels towards sustainable and renewable energy solutions.
Already, the advocates are urging a shift towards a more ethical and sustainable financing model, emphasizing community welfare and environmental protection in the energy transition.
The campaign, it was gathered, envisions a future where Africa, in particular, can embrace energy independence and sustainable development by moving away from fossil fuels and towards a cleaner, more prosperous future.
The upcoming Spring Meetings are seen as a pivotal moment for the World Bank to demonstrate its commitment to combating climate change and accelerating the global shift towards renewable energy solutions.
