Can we bank on a fossil free future?

A new global campaign for a proposed Fossil Fuel Non-Proliferation Treaty has been launched in the hope an international agreement could help phase out the use of coal, oil, and gas – the primary drivers of the fast accelerating climate crisis. 

The Fossil Fuel Non-Proliferation Treaty initiative is a global effort to meet the goals of the Paris Agreement by fostering international cooperation to accelerate a transition to clean energy for everyone, end the expansion of coal, oil and gas, and phase out existing production.

The initiative is supported by eight nation-states, more than 3,000 scientists and academics, 101 Nobel laureates, hundreds of health professionals, thousands of religious institutions including, a growing number of Indigenous organisations and youth activists, almost 100 cities and subnational governments, more than 600 Parliamentarians across the world, and a growing number of businesses in calling for a treaty to phase out fossil fuels and fast track a fair energy transition.

Catastrophic

Ali Sheridan, the director of major partnerships at The Fossil Fuel Non-Proliferation Treaty initiative, said: “The treaty proposal seeks to ensure that governments finally assume their climate responsibilities and implement a just transition away from fossil fuel production, based on cooperation and equity. 

“Businesses can play a leading role in building a fair and sustainable future, but it is imperative this is done in a credible way that ensures no one is left behind and that secures a fossil free future. 

“Financial institutions in particular have a vital role to play in shifting away from enabling dangerous fossil fuel production towards actively supporting cleaner and fairer energy sources.”

Triodos Bank is the first bank to join the initiative. The finance sector has a key role to play. Since the Paris Agreement was signed the world’s banks have pumped $5.5 trillion into fossil fuels, its chief executive observes.

Jeroen Rijpkema said: “The science is clear that ending new exploration and expansion and phasing-out fossil fuel production is critical over the next decade to keep the world in line with global climate goals and to avoid catastrophic climate disruption. What we do today will decide the emissions of tomorrow.”

Shifting

While the Paris Agreement set a crucial global climate target, many governments continued to approve new coal, oil and gas projects even though burning the world’s current fossil fuel reserves would result in seven times more emissions than what is compatible with keeping warming below 1.5ºC.

Last week, the UNEP Production Gap Report 2023 warned that fossil fuel extraction plans are undermining the world’s chances of meeting our global climate targets. The report revealed indeed that, despite their climate pledges, governments still plan to produce around 110 per cent more fossil fuels in 2030 than would be consistent with limiting warming to 1.5°C.