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Stop Fossil Finance

©Chris Leboutillier

The mission is clear: the era of fossil fuels must end. This Friday, on the 15th and 17th of September 2023, the global climate strike demands an end to all new and current fossil financing, a rapid and equitable phase-out of all fossil fuels, as well as massive investments into renewable energy projects and climate reparations.

Here is why you should answer this call to action from Friday’s For Future: 1. Fossil fuels account for over 75% of all historic global greenhouse gas emissions, as well as 90% of all carbon dioxide emissions, effectively making it the single most significant contributor to global climate change (UN).

2. As NASA officially concludes July 2023 to have been the hottest month in human history, humanity continues to emit more global emissions than ever before (IEA).

3. Although world governments and politicians have vowed to limit pre-industrial emissions to 1.5°C as set out in the Paris Agreement (UN), the latest scientific research concludes a 66% chance this threshold will already be breached by 2027 (BBC).

Break Free from Fossil Fuels
©Eelco Bohtlingk

4. While the world suffers more climate change-induced natural disasters than ever before (Forbes), fossil fuel conglomerates like Shell, Exxon, BP, TotalEnergies and Chevron continue announcing record-breaking profits (UCSUSA). 5. As the year 2023 is once again on track to be the hottest year ever recorded (Washington Post), just like the last 8 years before it (New York Times), over 3 billion lives are currently threatened by the effects of climate change (Forbes).

Beyond the gloom and doom, however, your voice truly matters. Since its inception in 2018, Fridays For Future has succeeded in raising global awareness about the urgent need to address climate change (EARTH.ORG). In fact, FFF and other social movements like it, are at the very forefront of pushing public discourse forward, pressuring governments and institutions alike to address, develop, commit to, and implement actions against climate change.

Group of people on rally - Fridays for Future
©Mika Baumeister

Studies suggest that societies often require external shocks to push them towards change, an issue especially prevalent in the status-quo-emanated climate crisis (CESifo). While your single voice may seem insignificant in the grand scheme of things, social movements depend on you for the power of the collective. Contributing really is as simple as showing up, something we encourage this Friday and Sunday, by simply finding your local demonstration here.

Unsurprisingly then, ReGeneration 2030 supports this mobilisation and message. As has been laid out in our Position Paper for policymakers from the Nordic and Baltic Sea region, cutting ties with fossil capital is a critical priority of climate action. Moreover, financing must be redirected towards the green transition, through issuing green bonds to fund sustainable initiatives, supporting green industries, and making investments in green infrastructure.

The policies and incentives of financial institutions such as the European Central Bank as well as governmental institutions need to reflect the urgency of this crisis by replacing short-term profit and growth-seeking with the priorities of social progress and environmental protection.

Our Region, Our Future.

ReGeneration Week 2023 climate march
©ReGeneration 2030

ReGeneration 2030 is a democratic and youth-led organisation, mobilising youth climate activists and movements from the Nordic and Baltic Sea region. Want to join us? Fill out a volunteer application form here.

Author: Topias Sorsa

Editor: Ugnė Budriūnaitė


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