Civil Society organizations have asked financiers to redirect funding towards investments in renewable energy and agro-ecological solutions.
These called for a shift from climate-destructive activities and false climate solutions.
Speaking at the launch of the Climate Justice Week of Action, scheduled for April 29-May 17, 2024, Sheila Apiny the Northern Regional Program Coordinator at ActionAid International Uganda, revealed that investments that cause climate change receive 20 times more funding than those that provide solutions to climate change.
On his part, Xavier Ejoyi, the ActionAid International Uganda Country Director, called for ethical financing practices that prioritize community well-being and environmental conservation.
“$460 billion In financing was going to fossil fuels globally followed by large-scale industrial agricultural at $53 billion and only $22 billion was going to climate action. Money is going in the wrong side,” he said.
Ejoyi noted a need to provide adequate financial support to developing communities for climate adaptation, mitigation and resilience efforts as well as addressing climate-induced loss and damage.
“We can’t be crying about climate change yet we are putting most of the money in fossil fuels or those promoting climate change. The money is way bigger than what is being put into the climate change action activities,” he highlighted.
Climate Justice Week
Apiny noted that the week of action comes at a pivotal moment uniting communities, governments and organizations worldwide in a collective effort to address the pressing challenges posed by climate change.
She noted that the effects of climate change are acutely felt with communities facing increased temperatures, erratic rainfall patterns, and heightened food insecurity.
In Uganda, the campaign is being spearheaded by ActionAid International Uganda, PELUM Uganda, Vijana Corps, COTA, and MEMPROW.