Antonio Guterres, current head of the United Nations and former president of Socialist International, has asserted there must be “no new investment in fossil fuel expansion” and that private finance must totally divest from coal.
“For too long, the financial services sector has enabled the world’s fossil fuel addiction. It is now time for financial service providers to accelerate the shift to renewables. They have the power—and the responsibility,” Guterres said.
“The scientific and moral imperative is clear: there must be no new investment in fossil fuel expansion, including production, infrastructure and exploration.
“This year, all private financiers need to stop funding the entire coal sector, from mining to power generation, and actively shift finance to renewables.”
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