BASEL (LiCAS News): Maximo Bayubay, a fisherman from Batangas, south of Manila, the Philippines, urged European financial institutions to stop investing in fossil fuel projects that harm marine life and local communities.
Addressing the annual general meeting of Switzerland-based bank UBS Group in Basel on April 24, the 68-year-old fisherman who was making his first trip outside the Philippines, conveyed the environmental challenges his community faces due to unsustainable practices linked to fossil fuel dependency.
As vice president of the Bukluran ng Mangingisda sa Batangas [union of fisherfold of Batangas], he reported a significant drop in fish catches, directly questioning the audience: “What will we promise the future generations if we continue financing this kind of peril?”
He also discussed the ecological effects on the Verde Island Passage, an important marine biodiversity area threatened by infrastructure projects for imported liquefied natural gas.
These developments, he noted, pose a threat to the biodiversity of the region.
In his speech, Bayubay criticised investments in fossil fuel projects, especially UBS’s ties with San Miguel Corporation and its subsidiary, Excellent Energy Resources, Inc., which are involved in a new liquefied natural gas power plant in Batangas City that impacts the Verde Island Passage.
“We are suffering now and you are continuing funding, financing fossil gas. It’s a big question for me. Why?” he asked.
Bayubay also promoted alternative energy sources like solar, hydro-electric, and wind power. He pointed out the potential for renewable energy in the Philippines, estimated at 1,211 GW, and called for a shift towards these cleaner options.
The fisherman emphasised the moral responsibilities of financial institutions, stressing the need to rethink investment strategies that prioritise profits over sustainable growth and ecological wellbeing.
As we celebrate the 500 years of Christianity in the Philippines. The Chaplaincy to Filipino Migrants organises an on-line talk every Tuesday at 9.00pm. You can join us at:
https://www.Facebook.com/CFM-Gifted-to-give-101039001847033
Bayubay’s efforts highlight the global impact of environmental stewardship and the significant influence of financial decisions on distant communities.
