Diaspora, Africa – (African Boulevard News) – Hundreds of climate activists took to the streets of Paris on Wednesday, June 21, to protest against the financing of fossil fuels. The demonstration comes as a new global financial pact summit begins in the French capital.
The protestors, representing a wide range of environmental groups, chanted slogans and held signs calling for an end to the funding of coal, oil, and gas projects that contribute to climate change. Demonstrators marched from the French National Assembly to the headquarters of Société Générale, a major French bank that has been criticized for its investments in fossil fuels.
According to a recent report by the Rainforest Action Network, Société Générale is the third-largest lender to fossil fuel projects globally and has provided over $30 billion in financing to the fossil fuel industry since 2016.
“Finance is a key driver of climate change, and banks like Société Générale must stop funding fossil fuels if we are to avoid the worst impacts of the climate crisis,” said Lucy Cadena, a campaigner with 350.org, one of the groups involved in the protest.
Organizers of the demonstration say they want to send a message to leaders attending the summit, known as the Finance in Common Summit, that financial institutions must take immediate action to address the climate crisis. The summit brings together over 500 public development banks from around the world to discuss ways to finance sustainable development.
“We want to show that we will not accept business as usual,” said Yann Louvel, a campaigner with BankTrack, an organization that monitors the environmental and social impacts of the banking sector. “We need a radical transformation of the financial sector if we are to have any chance of staying within the limits of what the planet can take.”
The protest in Paris is just one of many organized by climate activists around the world in recent months. In May, the International Energy Agency called for an end to new fossil fuel projects in order to achieve net-zero emissions by 2050. The United Nations has also warned that urgent action is needed to address the climate crisis, which is already causing devastating impacts on communities and ecosystems.
As the Finance in Common Summit continues, environmental groups are calling on leaders to prioritize investments in clean energy and sustainable infrastructure. They say that by divesting from fossil fuels and investing in renewable energy, financial institutions can help to build a more just and sustainable future.
