Achieving Climate justice means keeping fossil fuels in the ground. To keep below a 1.5°C increase and prevent irreparable social and ecological damage, we must prevent future fossil fuel extraction. We need to stop the further expansion of fossil fuel infrastructure and exploration. No more coal, oil, gas, fracking or biomass projects.
Financial institutions must immediately stop financing and insuring new fossil fuel extraction and new carbon-intensive infrastructure projects.
Public money must be divested out of polluting industries by central banks, pension funds, and government subsidies. This money should be reinvested in community-devised and owned solutions.
People worldwide are already facing major loss and damage due to climate chaos. Polluters, financial institutions and those who profit from them must pay climate reparations for the harm they’re driving globally.
A rapid transition to a more just world will require huge investments - working people should not foot this bill, especially those hardest hit by climate disasters. It’s time to properly tax rich individuals and giant corporations; this means implementing loophole-free progressive taxation and a Financial Transaction Tax* and for public institutions to use all the tools at their disposal to fund the green transition.
*Financial Transaction Tax = A tax on the financial transactions of banks, for more information see https://www.robinhoodtax.org.uk/how-it-works
Together, through public ownership and direct democracy, we need to transform our energy and financial sectors to build a system that works for everyone and ensures green low-cost energy access for all.