Both ENDS
Press release 24 October 2019
Starting today, investors can use five criteria to test whether companies in the fossil sector are actively working on phasing out their fossil activities. Too many investors still seem hesitant to switch to a profitable future of sustainable energy and these criteria should help them do this. The organisations DivestInvest Network, Sustainable Energy (Denmark) and Both ENDS (the Netherlands) publish the report "Managed Decline of Fossil Fuel Businesses" today, which describes these five criteria. The criteria aim to help investors choose investments that are in line with the Paris goal "stay below 1.5 degrees Celsius warming." The recommendations are presented at the World Pension Summit deliberately, because pension fund investors in particular can take more responsibility in this.
Today, a week before the international climate summit in Egypt, the Dutch Government has broken a major climate promise it made last year to end public financing for international fossil fuel projects. International and Dutch NGOs argue that the new policy published by the Dutch Government on restricting finance for fossil fuels has such significant loopholes, that it essentially means The Netherlands has reneged on its promise.
Together with environmental justice groups from the Global South, Both ENDS works towards a sustainable, fair and inclusive world. Both ENDS gathers and shares information about policy and investments that have a direct impact on people and their livelihood, we engage in joint advocacy, we stimulate the dialogue between stakeholders and we promote and support sustainable local alternatives.
Last June, President Obama called upon the national and international community to give no more public support to foreign coal. Shortly after this, the World Bank and the European Investment Bank EIB followed the example, setting stricter criteria for loans to energy companies, which will make it nuch more difficult, if not impossible for new coal plants to get financing from these banks.
This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.
