Image: Coastal Livelihood and Environmental Action Network (CLEAN), Bangladesh
Dhaka, Bangladesh: In advance of the World Bank Annual Meeting 2024, multiple rallies and campaigns led by environmental organizations and civil society representatives from Khulna, Mongla, Satkhira, Cox's Bazar, Rajshahi, Barishal, Sunamganj, Narayanganj, Mymensingh, and Chattogram have demanded an increase in investments in renewable energy. The primary goal of these campaigns is to urge the World Bank to cease funding fossil fuel projects and instead prioritize sustainable energy solutions for Bangladesh and other climate-vulnerable nations worldwide. Activists assert that the continued investment in fossil fuel projects is intensifying the global climate crisis.
These advocacy campaigns were organized by groups including Dhrubo NGO, Mongla Nagorik Samaj, SoDESH Satkhira, We Can Cox's Bazar, Paribartan, Prantojon Trust, Haor Area Upliftment Society (HAUS), Environmental Safety and Development Society (ESADS), Onnochitra Foundation Bangladesh, ISDE-Bangladesh, Coastal Livelihood and Environmental Action Network (CLEAN), and the Bangladesh Working Group on Ecology and Development (BWGED). These organizations took the opportunity to highlight the critical role of global financing in combating climate change ahead of the upcoming World Bank and International Monetary Fund (IMF) Annual Meeting.
Urgent Need for Investment in Renewable Energy
Addressing the World Bank (WB), Mr. Hasan Mehedi, Chief Executive of the Coastal Livelihood and Environmental Action Network (CLEAN) stated, “Hidden investments in fossil fuels provide deceptive solutions. Instead, the focus should be on adopting transparent and responsible investment policies to truly tackle the climate crisis. Simultaneously, it's essential to scale up investments in renewable energy and fully divest from fossil fuel projects.”
During the rallies, speakers emphasized the importance of expanding the use of sustainable energy sources like solar and wind power in Bangladesh. Investments in renewable energy would not only help reduce carbon emissions but also create new job opportunities and enhance the country's energy security. As Bangladesh continues on its development path, its success will depend on securing energy and addressing the impacts of climate change.
Speakers further highlighted that if the World Bank genuinely aims to meet the targets of the Paris Agreement, it must divest from fossil fuel projects and redirect funding toward clean and sustainable energy solutions. Criticizing the current investment policy of the World Bank, they pointed out that funding outdated and ineffective technologies is hindering progress in tackling the global climate crisis.
The Dangers of Fossil Fuel Projects
Image: Coastal Livelihood and Environmental Action Network (CLEAN), Bangladesh
Speakers at the rallies specifically addressed the long-term damage being caused by such projects and said that the World Bank has claimed they will no longer invest in the fossil fuel sector, they continue to invest millions of dollars in projects like the Rupsha 800 MW and Siddhirganj 335 MW combined cycle power plants. These projects are not aligned with the goals of the Paris Agreement and are contributing to increased carbon emissions. They warned that failing to prioritize renewable energy sources in Bangladesh’s energy transition would lead to severe environmental and economic consequences.
Environmental activists emphasized that renewable energy projects would not only reduce carbon emissions but also provide sustainable employment and drive long-term development for local communities. They called on the World Bank and other international financial institutions to recognize this reality and revise their investment strategies accordingly.
A Call for the Future
Through these campaigns, organizers aim to deliver a strong message to global financial institutions, urging them to change their policies and embrace a greener and more sustainable future.
Speakers concluded that the World Bank must adopt climate-conscious policies and divest from fossil fuel projects while significantly increasing investments in renewable energy. This is the only way to achieve truly sustainable development.
Participants in the campaigns included climate activists, civil society representatives, and students, all of whom stood united in their demand for the World Bank to take decisive action in support of a sustainable future.
See the Press Release Here