Climate Groups Call on China-led Bank to End Fossil Finance

The world‘s newest multilateral development bank, the China-led Asia Infrastructure Investment Bank (AIIB) is coming to Luxembourg for its first annual meetings outside of Asia this week Friday and Saturday. In spite of European governments planning for a fossil-free future and holding a 22% share in the AIIB, the bank is not living up to its green promises. New research proves that 20% of the $8 billion the AIIB invested to date has backed fossil fuels - and only 8% renewables.

Activists from around the world, including Bangladesh, Philippines, India and Europe, will be joining local groups including Etika, Laika, Extinction Rebelllion and Youth for Climate. They will call on the AIIB to stop using public money for funding fossil fuels and to shift to renewables, energy efficiency and energy access for the poorest.

Time:        

Friday, July 12th, 11:00 – 12:30

Location:

Place de l’Europe, Luxembourg, in front of the AIIB’s meeting venue European Convention Center (Google Maps)

Contacts:

Before the event

Kate Geary, Co-Director, BIC Europe
+44 7393 189175, kate@bic-europe.org  

During the event

Knud Voecking, Human Rights Campaigner, Urgewald
+49 171 2832408, knud@urgewald.org

Ekkehart Schmidt, Etika Luxembourg
+49 163-8840548, es@etika.lu
 

Demonstration called by: Youth for Climate, Extinction Rebellion, Laika, Etika, NGO Forum on ADB, Centre for Financial Accountability India, Urgewald, 350.org, BIC Europe and The Big Shift Campaign.

Further Information: The NGO coalition will publish a press release in the days before the protest containing further information about the AIIB’s shortcomings and quotes by people from affected countries like Bangladesh and India.