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This Moneyfesto serves as a powerful expression of our collective stance on climate finance, advocating for transparency, accountability, and urgent action from decision-makers and private sector.
The Moneyfesto Campaign intends to promote the call to action to read, sign and share the manifesto. Emphasizing the urgency of just climate financing instruments, the campaign aims raise awareness engaging a diverse global community, including influencers, NGOs, governments, schools, and grassroots organizations. By leveraging social media, press releases, and active participation at COP28 and related events.
We, the Children and Youth of Planet Earth have come together in a defining moment to call upon you to recognize the urgent need for substantive action in the face of the climate crisis.
As global temperature has already risen about 1.15° Celsius since pre-industrial levels and in the face of rising seas, floods, droughts, heat waves, and wildfires, immediate action is needed to fight this climate crisis injustice, and the most needed resource is money.
After decades of negotiations and conferences, nations have acknowledged the different capabilities and differing responsibilities of individual countries to tackle the climate crisis (CBDR) including funding for adaptation action, mitigation measures, and addressing loss and damage.
Existing international agreements bind nations to provide financial assistance to the most vulnerable. Industrialized countries have committed to mobilize US $100 billion annually for climate finance yet they are 3 years overdue to meet the target.
The disastrous consequences of extreme weather events significantly jeopardize the financial stability of the affected countries. Furthermore, governments having to step in to provide relief is a burden to state funds, specially for Low and Medium developed countries. Early action mitigation can prevent the colossal costs of climate catastrophe.
“The results of our economy-wide climate stress test showed that if we act early, the cost of transitioning to a carbon-neutral economy will be much lower than the cost of inaction.” - European Central Bank
Current financial mechanisms, including the Special Climate Change Fund, Least Developed Countries Fund, and Adaptation Fund suffer from underfunding, and lack of transparency, and are insufficiently effective in addressing the needs of those at the frontlines.
To redirect existing financial flows into the [correct] direction and expedite the implementation of effective measures of climate finance, we, the young generation, have put forth our expectations which we present to you in this manifesto.
- We call upon you, the decision-makers, to uphold transparency, accountability and responsibility for every decision, instrument, and mechanism related to providing means for climate finance;
- We demand that industrialized countries and relevant private sector stakeholders uphold the principle of climate justice, recognizing their inherent debt to low- and medium-developed nations and supporting resources redistribution as an integral aspect of climate finance, incorporating values of reparation, equity and justice;
- Action on climate finance must include the perspectives of children, youth, and intra- and intergenerational equity when establishing instruments of finance to mitigate and adapt to the anticipated effects of the climate crisis. Young people are to sit at the decision-making table as the primary inheritors of the world.
This Moneyfesto is an emergency call to all the stakeholders, including governments, elected representatives, financial institutions, the private sector, and citizens. Your inaction means the loss of lives and the well-being of those who are most impacted.
The measure of our collective success isn't just an upgrade in our living standards; it's about securing the survival of people and the planet.
The time to go big on climate finance is now.