Youth demand termination of fossil-finance

The youth at an event in Dhaka have demanded termination of fossil finance, saying it is not a question of financial or technical capacity; rather it is a matter of global leaders’ will.

There are enough funds to fulfill the goals of SDGs if public investment banks and private sector organisations redirect the investments made in fossil fuel to sustainable projects and renewable energy, they said at the global climate strike in front of the national press club in Dhaka on Friday.

According to a press release, hundreds of young people from Activista Bangladesh, a platform of ActionAid Bangladesh and more than 24 youth organizations, attended the global climate strike.

Young Activista volunteers from 26 districts and their 7 local hubs also protested in solidarity with the strikers by participating in local demonstration in Satkhira, Bagerhat, Noakhali, Kurigram, Cox’s Bazar, Chattogram, and Barguna and many other places.

The strikers stated that the fossil financers from the Global North are the cause of the climate crisis, neocolonial exploitation, wars, and human rights violations.

With the capitalistic mindset of making profit, the historically largest emitters of greenhouse gasses are fueling the destruction of the planet by funding fossil fuel extraction, which is largely impacting the climate-vulnerable countries in the South.

These practices are also increasing the ecological debt of the Global North that they owe to the most affected communities of climate crisis, they added.

SM Jannatul Naeem, a young Activista of ActionAid Bangladesh said, “We protest because we have no choice. Every year, water in coastal areas is rising, and it is becoming difficult for us to live where I come from. We are fighting for our presence and the future of the next generations. We believe the sooner we act, more secured our future will be.”

Nazmul Ahsan, manager of ActionAid Bangladesh, remarked “Fossil-finance is rapidly increasing instead of renewable energy investment. This is totally against our goal of building a just world. Therefore, young people of Bangladesh are demanding energy security and climate mitigation funds, emphasizing the importance of investment in renewable energy.”

Farah Kabir, country director of ActionAid Bangladesh, said increasing fossil-finance trend is a prime example of capitalist mindset to prioritise profit over people. It’s drastically destroying the ecosystem and climate, disproportionately impacting the southern countries and marginalised communities.

“If we fail to act, societies will experience catastrophic ecological and environmental damage and human displacement,” she added.