Triodos Bank’s Post

As the world has gathered for COP29 Azerbaijan, Triodos Bank views this summit as a pivotal moment to transform climate promises into concrete action. At Triodos Bank, we believe the financial sector has a unique responsibility to confront the climate crisis — not by simply pledging, but by reshaping the economy to be resilient, sustainable, and equitable. 🛢 End Fossil Fuel Financing: Despite significant climate goals, the financial flows to fossil fuels reached €650 billion in 2023. We are proud supporters of the Fossil Fuel Non-Proliferation Treaty Initiative, which calls for a phase-out of fossil finance. Redirecting capital towards renewable energy is both possible and profitable, as Triodos Bank has demonstrated for >30 years. We must insist that fossil fuels are replaced, not supplemented, by renewables to secure a future within planetary limits.   〽 Drive Real, Systemic Change: Current economic growth models are too dependent on fossil fuels, entrenching us in unsustainable practices. It’s time to kick our addiction to growth and reshape the economy to prioritize long-term sustainability over short-term gains. Financial institutions must move beyond carbon reduction targets alone to shift capital away from sectors that risk undermining climate goals altogether.   💰 Close the Financing Gap: Addressing the climate crisis cannot rest on public funding alone. Private institutions must step up by adopting clear, actionable targets that phase out fossil financing and bolster emissions reductions across all sectors. We need policies that prevent shadow banking and unregulated sectors from carrying forward unsustainable activities unchecked. Government consistency on climate policy is critical, as subsidies and loopholes continue to fund fossil projects.   As a financial community, let’s move financial flows towards climate solutions that support a just and resilient economy. Together, we can drive systemic changes that honor climate justice, ecological integrity, and societal well-being. Join us in supporting the call for a Fossil Fuel Non-Proliferation Treaty: https://lnkd.in/esJ7uJb #COP29 #climate #cleanenergy #renewablefuture #financechange #climateaction (Photo: https://lnkd.in/ef9S78zX UN Climate Change - Kamran Guliyev)