Divestment from Extractive Industries: Building Forward for Resilient and Sustainable Recovery

VIVAT International and other NGOs of the Mining Working Group co-sponsored a side event that underscored the theme: “Divestment from extractive industries”. Samuel Drempetic, the Head of ethical investment of Steyler Bank in Germany, was one of the panelists. He presented an ethical investment and sustainable green recovery.

The recovery from COVID-19 provides an opportunity for policymakers and governments to shift away from fossil fuel industries and consider new ways to build back a stronger, sustainable economy while protecting people’s rights. This panel will address key questions in relation to new policies and implementation of the 2030 Agenda, as well as the best practices for governments to consider alternatives to extractive industries, such as divestment, which is an alternative way to end fossil fuel expansion and transition to renewable energy. Promoting divestment from fossil fuel mining is oriented toward an urgent paradigm shift.

To keep global warming at 1.5°C, in alignment with the Paris Agreement and Glasgow Climate Pact, fossil fuel expansion must be halted. Therefore, COP26 suggests: “to accelerate efforts towards the phase-out of unabated coal power and inefficient fossil fuel subsidies.” Adaptation of new methods can reduce climate risks, which accelerate with temperature rise.