Philippine banks recently got the attention of Eco-Convergence.
The latter is a group launched to support actions directed to resolving the on-going climate crisis.
Civil society organizations and church leaders created this association together.
The members of Eco-Convergence urged the financial service providers to terminate the support they extend to the coal industry.
Eco-Convergence argued that the Philippines had been one of the territories the climate crisis has impacted.
They pointed out that the people from the Visayas have been the most affected.
Typhoon Yolanda took place in 2013. The members of Eco-Convergence relayed that this destructive natural calamity wreaked massive havoc.
The intensely devastating storm also caused a high number of deaths.
Starting this year, the group said that banks should say farewell to coal.
They desire the new decade as the final time for the catastrophes climate change has caused.
In a statement, Eco-Convergence components called on the banking sector and the public.
They also appealed to bank depositors and the local banks’ shareholders.
They advised them to join their organization, which is also known as Empowerment for Environmental Sustainability.
Eco-Convergence members aim to halt the continued action of the banks on coal projects.
They view these companies as the lifeblood of Philippine coal power plants.
Through their action, they believe that they can adequately respond to the threats climate change has posed globally.
English-language print and digital Philippine newspaper Philippine Star reported Eco-Convergence revealed that 13 local financial institutions had underwritten $6.3 billion.
From 2017 to last year, the group believed the banks possibly lent this considerable funding for coal expansion initiatives.
The church-civil society consortium alleged that the banking institutions have continued to support coal as a source of power.
They argued that this investment has merely been profitable for a minuscule portion of the populace.
Besides, Eco-Convergence maintained the supremacy of money as the lingering risk to humanity.
The members pointed out that this privilege of banks has advanced the devastating effects of climate change.
Therefore, the association stressed that it is only suitable to use the influence of money to render coal power extinct.
Eco-Convergence stated that motivating banks still financing coal projects would curb the poisoning action directed towards the environment and the people.
The group added that policies limiting the playing field of coal are on the rise.
Furthermore, the international resolution to climate change is gaining strength.
Eco-Convergence, hence, relayed that they believe coal plants would become stranded liabilities and assets.
Their recommendations to Philippine banks would reportedly fulfill the financial and moral obligation of the latter to the people of the Philippines.
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