Stop Funding Fossils: World Bank Group Funds Fossil Fuel Exploration Despite Calls for Climate Action
Oil Change International
In 2015, the World Bank Group’s actions continued to speak louder than its President’s strong words on climate change. While the World Bank Group just released a new climate action plan, our analysis finds that there is cause for concern in areas that the climate plan fails to address: the World Bank Group continues to invest in exploration for new fossil fuel reserves despite clear signs that we already have far more fossil fuels than we can afford to burn, and over the last five years, the World Bank Group’s total fossil fuel finance has trended upwards, with finance into the billions of dollars nearly every year.
The World Bank Group provided $313 million in fossil fuel exploration-related investment in fiscal year 2015 alone. The World Bank Group has further continued to finance billions of dollars in oil, gas, and coal projects in the last five years, at rates nearly three times higher in fiscal year 2015 than fiscal year 2011. In FY 2015, the World Bank Group financed more than $2 billion in oil, gas, and coal projects.