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About 260 organizations fighting climate change have signed on a petition calling on the GCF board to reject the application for accreditation of the Japanese megabank Sumitomo Mitsui Banking Corporation (SMBC).

Calling on the GCF

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SMBC should show real commitment to align its business strategy with the Paris Agreement by withdrawing and making a total exit from all coal projects. It should also declare that it will not fund any coal project, not even so-called clean coal.

The dirty bit about SMBC

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To Governments:

We are writing to you today to urge you to take a lead in ensuring countries around the world do not face a wave of investor-state dispute settlement (ISDS) cases arising from actions taken to tackle the COVID-19 pandemic and ensuing economic crisis.

Globally, some governments are taking actions to save lives, stem the pandemic, protect jobs, counter economic disaster and ensure peoples’ basic needs are met. The level of these actions has been unprecedented in modern times and the need for these actions has been clear. But the expansive reach of the ISDS system could open such critical government actions to claims for millions in compensation from foreign investors. The numbers of such claims could also be unprecedented and impose massive financial burdens on governments struggling under the burden of devastating health and economic crises.

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We are living in the most climate-vulnerable countries in the Global South that suffer from fossil fuel projects supported by financiers like the Asian Infrastructure Investment Bank. The toxic impacts of these projects not only undermine global climate goals, but also exacerbate the consequences of the coronavirus crisis.

Open letter of APMDD to the AIIB Board and Officers on the 2020 Annual Meeting of AIIB

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As the 2020 Asian Infrastructure Investment Bank's Annual Meeting is held today, a group of peoples' movements across Asia called on the Beijing-based multilateral financial institution to end its financing of fossil fuel projects and help build economic resilience as countries grapple with recovery plans in response to the coronavirus pandemic.

AIIB urged to stop financing fossil fuels immediately