Parliamentarians Call On The Paris Summit For Scaled-up Measures To Mobilize Finance For Development And Climate Actions

Paris, France - The Parliamentarians for a Fossil Fuel Free Future, a global network of over 700 parliamentarians from 85 countries, called on the Paris Summit to deliver meaningful progress through urgent delivery of climate finance, debt relief and cancellation, tax reforms and non-debt-creating financial flows.

“ The Parliamentarians for a Fossil Fuel Free Future welcomes the international community's renewed focus on mobilizing finance for urgent development needs and climate action. While recognizing the importance of this collective effort, the network emphasizes the need for specific measures to effectively address the challenges at hand,” said Saber Chowdhury, Member of Parliament in Bangladesh, representing the Parliamentarians for a Fossil Fuel Free Future at the Paris Summit.

Chowdhury said to drive meaningful progress towards addressing climate change and the global crisis, the following are the key priorities for scaled-up measures:

1. Urgent Delivery of Climate Finance Obligations: Developed countries must fulfill their climate finance commitments to support developing countries. Current targets and delivery fall significantly short, jeopardizing the principle of Common and Differentiated Responsibilities. Establishing an effective Loss and Damage Fund is critical to address irreversible impacts faced by vulnerable nations.

2. Deeper and Wider Debt Relief and Cancellation: The international community, including the G20 and IMF, must take substantial steps towards debt relief and cancellation. All lenders, including multilateral, bilateral, public, and private entities, should be part of these efforts to alleviate debt burdens.

3. International Tax Reforms: Comprehensive international tax reforms are necessary to combat tax abuses by multinational corporations, safeguard public revenues, and curb illicit financial flows. Closing tax loopholes ensures fair contributions and resources for sustainable development.

4. Non-Debt-Creating Financial Flows: non-debt-creating financial flows, such as grants and innovative financing mechanisms, are crucial for sustainable development. These flows alleviate financial burdens and enable investments in climate actions and development priorities.

“The Parliamentarians for a Fossil Fuel Free Future urges every actor at the Paris Summit to publicly commit to no more subsidies and new financing for fossil fuels. It emphasizes the need to develop fossil fuel exit strategies for existing commitments, including rehabilitation, remediation, and just transitions led by communities and workers. Clear financing windows for economic diversification away from fossil fuels, alongside "leave it in the ground" incentives, should be established through just and equitable long-term measures,” Chowhury said.

“The Parliamentarians for a Fossil Fuel Free Future calls upon the international community to seriously work towards these priorities as the foundation for effective and equitable global responses. By taking concrete actions on these fronts, we can create a more resilient, sustainable, and just future for all,” added Chowdhury.

About Parliamentarians for a Fossil Fuel Free Future:

A growing network of more than 700 parliamentarians from 85 countries who came together to speak with one voice and alert fellow representatives and partners in government of the need for deeper and far-reaching cooperation and ambition on our global approach to fossil fuels

https://www.fossilfuelfreefuture.org/

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