Eighty economists from twenty countries are calling on the world's economies to cease investment in fossil fuels and accelerate investment in renewable energy sources.
On the occasion of the climate finance summit, organised by Macron for 12 December to mark the second anniversary of the Paris Agreement, eighty economists (including three Italians) from 20 countries are calling for an end to investment in fossil fuels and an immediate increase in investment in renewable energy.
The incoherence of heads of state is there for all to see: world leaders talk about tackling climate change, yet no one speaks up when it comes to taking a stance on cutting investment in fossil fuels — and this is the overriding aspect of the problem. The economists who signed the declaration know this well, writing in their statement "Not a penny more": "President Macron and other world leaders often speak of the need to increase financing to adopt solutions to climate change, but remain silent when it comes to financing new infrastructure or energy production based on coal, oil and natural gas."
According to scientific studies, it is necessary to drastically reduce the exploitation of fossil reserves if the world is to remain below the critical threshold of 2°C of temperature rise, as set out in the Paris Agreement. New exploration, (such as Eni's in the Arctic, ed.), and the extraction of fossil fuels are absolutely incompatible with climate objectives. "There is no longer room for new fossil infrastructure and investment in the sector," the declaration states.
"The investor community has the power to create the conditions to make this change possible," write the signatories, who are calling for the creation of an economy built on renewables with the gradual phasing out of fossil fuels.
The economists believe that public and private institutions have the responsibility and the moral obligation to put an end to the development of fossil fuels. Investors and institutions must, in fact, recognise that continued investment in fossil fuels is irreconcilable with meaningful climate action. Priority must be given to the enormous investment opportunities for a 100 per cent renewable future that supports healthy economies while protecting workers, communities and the planet's boundaries.
To lend support to the economists' declaration, environmental NGOs — 350.org, France Nature Environment, Greenpeace France, Climate Action Network, Foundation for Nature and Man, and others — are organising a demonstration in Paris on 12 December to demand that "not a single euro more be channelled into the energies of the past".
"We call for the immediate end of all investment in new fossil fuel production projects and infrastructure, and encourage a significant increase in funding for renewable energy," reads the statement issued by NGO 350.org.
