It’s absurd for the UK government to declare a climate emergency while pouring vast sums of taxpayer-backed money into fossil fuel expansion. The Environmental Audit Committee is right to call for serious reform of UK Export Finance.
To help inform the alignment of the MDBs with the Paris Agreement, this briefing explores the use of shadow carbon pricing by MDBs and considers some best practices and limitations in the application of shadow carbon prices.
Because they chose to accept David Malpass, Donald Trump’s pick for the next World Bank president, the World Bank Group’s Board of Directors are responsible for moving aggressively him in if he attempts to drag the Bank backward on climate change. The Board must not let Malpass do the bidding of the oil and gas industry.
Despite moderate progress in the 2017 budget, Canada remains the largest provider of fiscal support to oil and gas production in the G7 relative to the size of its economy.
President Trump has nominated David Malpass to be World Bank President If approved, Malpass would be a disaster for the World Bank – and the world. He’s not fit for this role and would drag the World Bank back to climate denial and inaction.
Program Director Alex Doukas said, “David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.”
A new report released today reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry through government-backed (public) finance.
The twin challenges of air pollution and climate change demand a rapid transition away from fossil fuels, and a particularly rapid phase-out of coal-fired power plants. Despite this, the Korean government continues to be among the biggest backers of coal-fired power plants around the world.
A new analysis finds that overseas coal-fired power plants supported by Korea’s public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to people’s health and the climate.
A new analysis of the energy finance provided by the African Development Bank (AfDB) shows that while financing for clean energy access has increased since the bank’s landmark New Deal on Energy for Africa, support for off-grid and mini-grid solutions — often the fastest and most affordable energy access solutions — must accelerate if Africa is to realize universal energy access by 2030.