In order to achieve a sustainable future for the world, we need not crisis-driven, temporary emission reductions, but permanent reductions resulting from a fundamental change in the design of the global economy and financial flows.
In Europe, the continent that was the first to announce its carbon neutrality goal, climate policies that are being transformed with the European Green Deal have started to find their counterparts in the financial world.
Accordingly, many banks, insurance companies, pension funds and asset managers have announced their current coal phase-out plans. However, the number of these announcements is not yet sufficient to meet climate targets.
On the other hand, Chinese President Xi Jinping’s announcement at the United Nations General Assembly last month that China, which plays an important role in global coal financing, will no longer finance coal investments abroad will further complicate the financing conditions of coal investments in Turkey as in the world.
Our greatest expectation is that COP26, which will take place between November 1-12 with a focus on finance, will produce decisions that will ensure gains in the climate struggle both globally and in Turkey. The first agenda item on the finance agenda of COP 26 is to end all public and private financial resources transferred to investments related to fossil fuels, especially coal.
Investors in particular have a great responsibility for a fair economy and a habitable earth in the fight against the climate crisis. Because one of the most important steps to get rid of fossil fuels, the main perpetrator of the climate crisis, is to end the financing of fossil fuels.
Our demand from all investment funds trading in Turkey during COP26, which will be finance-oriented;
- Terminate their relations with all stakeholders associated with fossil fuels, especially coal
- Exit all investments related to fossil fuels, especially coal
- Announcing that they will not take part in any company or investment related to fossil fuels, especially coal
The report we prepared with 350 Turkey sheds light on why investments in fossil fuels need to end sooner rather than later. We have started to deliver our report and our demands to investment funds in Turkey.
