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Article

5 Nov 2020

Author:
The Asian Peoples' Movement on Debt and Development (APMDD)

Finance In Common Summit: Global South movements call on public financial institution to stop funding harmful projects for communities & environment

[M]ovements and organizations of people from the Global South, challenge the leaders of the 450 public financial Institutions participating in the first-ever Finance in Common Summit on November 9-12, 2020 to act decisively and fulfill their mandate to uphold public interests... Public financial institutions control 2 trillion in public money and therefore, wield enormous power. This power must be used not only to alleviate people’s sufferings and empower them to live humanely in thesetimes of catastrophes... Public financing of coal, oil, and gas must end now to pave the way for a rapid reduction in the production and use of fossil fuels... Public financial institutions must also stop funding other projects and promoting policies that are harmful to people and communities and to the environment. These policies and projects include privatization of essential services that violate peoples' rights, including the right to water, extractive industries that destroy local livelihoods and damage the environment, so-called development projects that result in land-grabs, deforestation, displacement of indigenous peoples and other communities, and deepening of the exploitation of women and workers… We also demand that public financial institutions stop using loans as the main financial instruments in response to the multiple crises…