Ethical bank Triodos is the first bank to join the global campaign for a proposed Fossil Fuel Non-Proliferation Treaty, meant to help phase out the use of coal, oil, and gas.
In a public letter and as part of this global campaign, a broad coalition of organisations including the European financial institution, which has its British head office in Bristol, is calling on European governments and policymakers to commit themselves to such a legally binding, international treaty at the upcoming COP28 in Dubai. Triodos Bank is also urging the other financial institutions to join this initiative.
Triodos Bank 海角视频 has led a broad coalition of organisations and activists including Make My Money Matter and Business Declares to issue an open letter to Prime Minister Rishi Sunak. The open letter calls on the Prime Minister to support the Fossil Fuel Non-Proliferation Treaty, to advocate for it at COP28 and seek support among other governments.
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The Fossil Fuel Non-Proliferation Treaty initiative is a global effort to meet the goals of the Paris Agreement by fostering international cooperation to accelerate a transition to clean energy for everyone, end the expansion of coal, oil and gas, and phase out existing production. This needs to be done in a manner that is both fast and fair, so that no worker, community or country is left behind and in keeping with what science shows is needed to address the climate crisis.
Jeroen Rijpkema, chief executive of Triodos Bank, said: “The science is clear that ending new exploration and expansion and phasing-out fossil fuel production is critical over the next decade to keep the world in line with global climate goals and to avoid catastrophic climate disruption. What we do today will decide the emissions of tomorrow.”
According to Triodos Bank, which has its global headquarters in The Netherlands, the finance sector has a key role to play. Mr Rijpkema continued: “If the financial sector is serious about its sustainable commitments, it should support the treaty initiative. A treaty will help create a steady business climate with long term perspective and a level playing field, which is in the interest of every business and financial institution."
In supporting the fossil fuel treaty, Triodos Bank is joining eight nation-states, over 3,000 scientists and academics, 101 Nobel laureates, hundreds of health professionals, thousands of religious institutions including, a growing number of Indigenous organisations and youth activists, almost 100 cities and subnational governments, more than 600 Parliamentarians across the world, and a growing number of businesses in calling for a treaty to phase out fossil fuels and fast track a fair energy transition.
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Ali Sheridan, director of major partnerships at The Fossil Fuel Non-Proliferation Treaty initiative, said: "We welcome Triodos Bank's support in becoming the first bank to back the call for a Fossil Fuel Non-Proliferation Treaty. The Treaty proposal seeks to ensure that governments finally assume their climate responsibilities and implement a just transition away from fossil fuel production, based on cooperation and equity.
"Businesses can play a leading role in building a fair and sustainable future, but it is imperative this is done in a credible way that ensures no one is left behind and that secures a fossil free future. Financial institutions in particular have a vital role to play in shifting away from enabling dangerous fossil fuel production towards actively supporting cleaner and fairer energy sources."
In September the bank was found to be the most active for financing green energy projects. A study discovered it acted on 140 deals in 2022, with a total value of around half a billion US dollars (£406m). The projects it backed incorporated traditional renewables such as onshore wind, solar and hydro, alongside EV charging, battery storage and energy efficiency projects.