. . SUSTAINABLE DEVELOPMENT . .

An article by Olivia Rosane from Common Dreams (licensed under Creative Commons CC BY-NC-ND 3.0).

Ahead of Earth Day, young people around the world are participating in a global strike on Friday to demand “climate justice now.”
In Sweden, Greta Thunberg  joined hundreds of other demonstrators for a march in Stockholm; in Kenya, participants demanded that their government join the Fossil Fuel Non-Proliferation Treaty; and in the U.S., youth activists are kicking off  more than 200 Earth Day protests directed at pressing President Joe Biden to declare a climate emergency.

Climate strikers march in Stockholm, Sweden, on April 19, 2024. (Photo: Albin Haglund via Greta Thunberg/X)

“We’re gathered here to fight, once again, for climate justice,” Thunberg told Agence France-Presse at the Stockholm protest, which drew around 500 people. “It’s now been more than five and a half years that we’ve been doing the same thing, organizing big global strikes for the climate and gathering people, youths from the entire world.”

The first global youth climate strike, which grew out of Thunberg’s Fridays for Future school strikes, took place on March 15, 2019. Since then, both emissions and temperatures have continued  to rise, with 2023 blowing past  the record for hottest year. Yet, according to Climate Action Tracker, no country has policies  in place that are compatible with limiting global heating to 1.5°C above preindustrial levels.

“We are many people and youths who want to express our frustration over what decision-makers are doing right now: They don’t care about our future and aren’t doing anything to stop the climate crisis,” Karla Alfaro Gripe, an 18-year-old participant at the Stockholm march, told AFP.

The global strikes are taking place  under the umbrella of Friday’s for Future, which has three main demands: 1. limit temperature rise to 1.5°C, 2. ensure climate justice and equity, and 3. listen to the most accurate, up-to-date science.

“Fight with us for a world worth living in,” the group wrote on their website, next to a link inviting visitors to find actions in their countries.

Participants shared videos and images of their actions on social media.

European strikers also gathered in London, Dublin, and Madrid.

In Asia, Save Future Bangladesh founder Nayon Sorkar posted  a video from the Meghna River on Bangladesh’s Bola Island, where erosion destroyed his family’s home when he was three years old.

“I lost my home to climate change,” Sorkar wrote. “Now I’m fighting so that others don’t lose their homes.”

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Are we seeing the dawn of a global youth movement?

Despite the vested interests of companies and governments, Can we make progress toward sustainable development?

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Also in Bangladesh, larger crowds rallied  in Dhaka, Sylhet, Feni, and Bandarban  for climate action.

“Young climate activists in Bandarban demand a shift to renewable energy and away from fossil fuels,” said Sajjad Hossain, the divisional coordinator for Youthnet for Climate Justice Bangladesh. “We voiced urgency for sustainable energy strategies and climate justice. Let’s hold governments accountable for a just transition!”

In Kenya, young people struck specifically to demand that the government sign on to the Fossil Fuel Non-Proliferation Treaty.

“As a member of the Lake Victoria community, the importance of the treaty in our climate strikes cannot be overstated,” Rahmina Paullette, founder of Kisumu Environmental Champions and a coordinator for Fridays for Future Africa, said  in a statement. “By advocating for its implementation, we address the triple threat of climate change, plastic pollution, and environmental injustice facing our nation.”

“Halting fossil fuel expansion not only safeguards crucial ecosystems but also combats the unjust impacts of environmental degradation, ensuring a more equitable and sustainable future for our community and the wider Kenyan society,” Paullette said.

In the U.S., Fridays for Future NYC planned for what they expected to be the largest New York City climate protest since September 2023’s March to End Fossil Fuels. The action will begin at Foley Square at 2:00 pm Eastern Time, at which point more than 1,000 students and organizers are expected to walk across the Brooklyn Bridge to rally in front of Borough Hall.

The strike “is part of a national escalation of youth-led actions in more than 200 cities and college campuses around the country, all calling on President Biden to listen to our generation and young voters, stop expanding fossil fuels, and declare a climate emergency that meaningfully addresses fossil fuels, creating millions of good paying union jobs, and preparing us for climate disasters in the process,” Fridays for Future NYC said in a statement.

The coalition behind the climate emergency drive, which also includes the Sunrise Movement, Fridays for Future USA, and Campus Climate Network, got encouraging news on Wednesday when  Bloomberg  reported  that the White House had reopened internal discussions into potentially declaring a climate emergency.

“We’re staring down another summer of floods, fires, hurricanes, and extreme heat,” Sunrise executive director Aru Shiney-Ajay said in a statement. “Biden must do what right Republicans in Congress are unwilling to do: Stand up to oil and gas CEOs, create green union jobs, and prepare us for climate disasters. Biden must declare a climate emergency and use every tool at his disposal to tackle the climate crisis and prepare our communities to weather the storm. If Biden wants to be taken seriously by young people, he needs to deliver on climate change.”

The coalition is planning events leading up to Monday including dozens of Earth Day teach-ins  beginning Friday to encourage members of Congress to pressure Biden on a climate emergency and Reclaim Earth Day mobilizations on more than 100 college and university campuses to demand  that schools divest from and cut ties with the fossil fuel industry.

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. . SUSTAINABLE DEVELOPMENT . .

A report from Oxfam

The world’s five richest men have more than doubled their fortunes from $405 billion to $869 billion since 2020 —at a rate of $14 million per hour— while nearly five billion people have been made poorer, reveals a new Oxfam report on inequality and global corporate power. If current trends continue, the world will have its first trillionaire within a decade but poverty won’t be eradicated for another 229 years.

“Inequality Inc.”, published today as business elites gather in the Swiss resort town of Davos, reveals that seven out of ten of the world’s biggest corporations have a billionaire as CEO or principal shareholder. These corporations are worth $10.2 trillion, equivalent to more than the combined GDPs of all countries in Africa and Latin America.

“We’re witnessing the beginnings of a decade of division, with billions of people shouldering the economic shockwaves of pandemic, inflation and war, while billionaires’ fortunes boom. This inequality is no accident; the billionaire class is ensuring corporations deliver more wealth to them at the expense of everyone else,” said Oxfam International interim Executive Director Amitabh Behar.

“Runaway corporate and monopoly power is an inequality-generating machine: through squeezing workers, dodging tax, privatizing the state, and spurring climate breakdown, corporations are funneling endless wealth to their ultra-rich owners. But they’re also funneling power, undermining our democracies and our rights. No corporation or individual should have this much power over our economies and our lives —to be clear, nobody should have a billion dollars”.

The past three years’ supercharged surge in extreme wealth has solidified while global poverty remains mired at pre-pandemic levels.
Billionaires are $3.3 trillion richer than in 2020, and their wealth has grown three times faster than the rate of inflation. 

Despite representing just 21 percent of the global population, rich countries in the Global North own 69 percent of global wealth and are home to 74 percent of the world’s billionaire wealth.
 

Share ownership overwhelmingly benefits the richest. The top 1 percent own 43 percent of all global financial assets. They hold 48 percent of financial wealth in the Middle East, 50 percent in Asia and 47 percent in Europe. 


Mirroring the fortunes of the super-rich, large firms are set to smash their annual profit records in 2023. 148 of the world’s biggest corporations together raked in $1.8 trillion in total net profits in the year to June 2023, a 52 percent jump compared to average net profits in 2018-2021. Their windfall profits surged to nearly $700 billion. The report finds that for every $100 of profit made by 96 major corporations between July 2022 and June 2023, $82 was paid out to rich shareholders.

° Bernard Arnault is the world’s second richest man who presides over luxury goods empire LVMH, which has been fined by France‘s anti-trust body. He also owns France’s biggest media outlet, Les Échos, as well as Le Parisien.
 

° Aliko Dangote, Africa’s richest person, holds a “near-monopoly” on cement in Nigeria. His empire’s expansion into oil has raised concerns about a new private monopoly. 
 

° Jeff Bezos’s fortune of $167.4 billion increased by $32.7 billion since the beginning of the decade. The US government has sued Amazon, the source of Bezos’ fortune, for wielding its “monopoly power” to hike prices, degrade service for shoppers and stifle competition.


“Monopolies harm innovation and crush workers and smaller businesses. The world hasn’t forgotten how pharma monopolies deprived millions of people of COVID-19 vaccines, creating a racist vaccine apartheid, while minting a new club of billionaires,” said Behar.

People worldwide are working harder and longer hours, often for poverty wages in precarious and unsafe jobs. The wages of nearly 800 million workers have failed to keep up with inflation and they have lost $1.5 trillion over the last two years, equivalent to nearly a month (25 days) of lost wages for each worker.

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How can the growing economic inequality in the world be reversed?

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New Oxfam analysis of World Benchmarking Alliance data on more than 1,600 of the largest corporations worldwide shows that 0.4 percent of them are publicly committed to paying workers a living wage and support a living wage in their value chains. It would take 1,200 years for a woman working in the health and social sector to earn what the average CEO in the biggest 100 Fortune companies earns in a year. 

Oxfam’s report also shows how a “war on taxation” by corporations has seen the effective corporate tax rate fall by roughly a third in recent decades, while corporations have relentlessly privatized the public sector and segregated services like education and water.

“We have the evidence. We know the history. Public power can rein in runaway corporate power and inequality —shaping the market to be fairer and free from billionaire control. Governments must intervene to break up monopolies, empower workers, tax these massive corporate profits and, crucially, invest in a new era of public goods and services,” said Behar. 

“Every corporation has a responsibility to act but very few are. Governments must step up. There is action that lawmakers can learn from, from US anti-monopoly government enforcers suing Amazon in a landmark case, to the European Commission wanting Google to break up its online advertising business, and Africa’s historic fight to reshape international tax rules.”

Oxfam is calling on governments to rapidly and radically reduce the gap between the super-rich and the rest of society by:
 

° Revitalizing the state. A dynamic and effective state is the best bulwark against extreme corporate power. Governments should ensure universal provision of healthcare and education, and explore publicly-delivered goods and public options in sectors from energy to transportation.
 

° Reining in corporate power, including by breaking up monopolies and democratizing patent rules. This also means legislating for living wages, capping CEO pay, and new taxes on the super-rich and corporations, including permanent wealth and excess profit taxes. Oxfam estimates that a wealth tax on the world’s millionaires and billionaires could generate $1.8 trillion a year. 
 

° Reinventing business. Competitive and profitable businesses don’t have to be shackled by shareholder greed. Democratically-owned businesses better equalize the proceeds of business. If just 10 percent of US businesses were employee-owned, this could double the wealth share of the poorest half of the US population, including doubling the average wealth of Black households.
 

Notes to editors

Download Oxfam’s report “Inequality Inc.” and the methodology note.

It will take 229 (almost 230) years to ensure the number of people living under the World Bank poverty line of $6.85 was reduced to zero.

According to the IMF’s World Economic Outlook Database, the combined GDP of economies in Africa in 2023 is $2,867 billion, while that of countries in Latin America and the Caribbean is $6,517 billion, for a total of $9.4 trillion.

Oxfam defines windfall profits as those exceeding the 2018-2021 average by more than 20 percent. 
 

Contact information

Annie Thériault in Peru | annie.theriault@oxfam.org | +51 936 307 990
Belinda Torres Leclercq in Belgium | belinda.torres-leclercq@oxfam.org | +32 (0) 472 55 34 43

For updates, please follow @NewsFromOxfam and @Oxfam

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. . SUSTAINABLE DEVELOPMENT . .

An article from Stand.earth

 On the heels of COP28, where world governments finally recognized the need to “transition away from fossil fuels” but failed to acknowledge the inevitable phase-out, the global fossil fuel divestment movement surpassed a major milestone, already leading the way to a fossil free world: 1600+ institutions, representing $40.6 trillion in assets, are cutting ties with the toxic energy of the past.

Swiss pension fund CPEG, the UK’s Wiltshire Pension Fund, and the largest private pension fund in the Netherlands are the latest to join the unstoppable movement. In 2023 alone, major divestment commitments were made by the Church of England, New York University, the National Academy of Medicine, and Triodos Bank.

“This 1600 commitment milestone is an undeniable proof of concept, all thanks to people-powered momentum, even in the face of climate chaos and collective grief,” said Amy Gray, Stand.earth Climate Finance Associate Director and coordinator of the Climate Safe Pensions Network. “Even in times of heartache, we are resolved in our work to hold polluters accountable for climate chaos, and to reclaim, repair, and rebuild healthy and safe communities.” 

From educational institutions and public pension funds, to faith-based and healthcare groups, to governments, nonprofits, and cultural institutions, fossil fuel divestment spans every sector of society, and continues to gain momentum with consistent reports of positive returns following fossil fuel divestment.

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Divestment: is it an effective tool to promote sustainable development?

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Surpassing 1600 fossil fuel divestment commitments would not have been possible without millions of climate justice leaders around the world, countless economic, racial, and climate justice organizations, and steadfast support from Ellen Dorsey, who is stepping down from the Wallace Global Fund, as a long-time leader of the movement.

A June 2023 report from the University of Waterloo revealed that just six U.S. public pension funds would be $21 billion richer  had they divested from fossil fuels a decade ago. 

“This milestone follows years of attempted shareholder engagement, now a proven futile strategy, with fossil fuel corporations hell-bent on our destruction,” said Richard Brooks, Stand.earth Climate Finance Director. “Instead of financing climate chaos-causing fossil fuels, violence, and extraction, financial institutions like big banks and pension funds must protect people and planet alike, cutting ties with fossil fuels and reinvesting in proven community-led climate-safe solutions.”

Not only is a world beyond fossil fuels possible, millions are building it right now – it’s time for fossil fuel companies and their financiers – including major banks like Royal Bank of Canada and Citibank, and private equity firms like KKR – to stop holding us back.

The Global Fossil Fuel Commitments Divestment Database  is managed by Stand.earth, and is the world’s most comprehensive tracker of fossil fuel divestment commitments. 

Stand.earth also coordinates the Climate Safe Pensions Network, a group of 25+ grassroots campaigns across Turtle Island demanding local pension funds protect returns and our climate, phase out fossil fuel holdings, and reinvest in climate-safe solutions.

Stand.earth’s Climate Finance  program focuses on pushing the financial sector to divest from fossil fuel projects and invest in climate solutions, such as renewable energy infrastructure. We’re also pressuring major pension funds throughout North America to pull workers’ money out of fossil fuel companies that violate Indigenous rights and exacerbate the climate crisis, and reinvest in climate-safe solutions.