A new report shows how multilateral development banks, including the World Bank, gave over $9 billion in funding for fossil fuel projects in 2016, nearly all of it following the Paris Agreement being reached and despite claims that they were acting on climate and adjusting their investment strategies.
energy access
Briefings: Multilateral Development Banks Continue to Fund Billions in Fossil Fuel Projects Despite Paris Agreement
New briefings show that while some banks are making good progress, many are still financing billions of dollars in fossil fuel projects despite mounting climate impacts and global commitments like the Paris Agreement.
Still Failing to Solve Energy Poverty
This report assesses how four multilateral development banks (MDBs) — World Bank Group, Inter- American Development Bank, African Development Bank, and Asian Development Bank — are measuring up in their efforts to address the global energy access challenge.
World Bank Failing to Solve Energy Poverty, Receives ‘F’ in New Report
The World Bank and other key multilateral developments institutions are failing to solve the crucial issue of energy access for the global poor, and in the process are missing out on the profound opportunities presented by distributed clean energy solutions, concludes to a major new report released today.
Development Banks Failing on Energy Access for the Poor
Today, Oil Change International and the Sierra Club released a report finding that none of the major multilateral development banks are succeeding in reaching the world’s poor with their energy projects.
New Report Gives World Bank an ‘F’ on Clean Energy Access
Today, the Sierra Club and Oil Change International released a new report highlighting the failure of the world’s top multilateral development banks (MDBs) to align their energy lending with the International Energy Agency’s (IEA) projections for ending energy poverty.
World Bank Lending Priorities Fall Short on Access to Clean Energy and the Climate Challenge
The World Bank should prioritize energy access by redirecting energy financing away from large fossil fuel projects toward decentralized renewables.
World Bank Fossil Fuel Lending Increases in Last Year
In spite of a heightened institutional focus on combating climate change, the World Bank increased its lending for fossil fuels over the last year. Meanwhile, the World Bank also has a ways to go in terms of tackling its objective of supporting universal access to energy, as only 8 percent of the Bank’s energy portfolio last year targeted the world’s poorest.
World Bank Group Increases Lending for Fossil Fuels and Large Hydro
The World Bank Group (WBG) increased financing for both fossil fuels and large hydropower significantly this past year, while financing for clean energy dropped. Overall, only 8 percent of the Bank’s energy financing last year was aimed specifically at the poor.
World Bank Accelerating Coal Development in Indonesia
The World Bank’s infrastructure program in Indonesia stipulates policies and government subsidies that promote the accelerated development of over 16 GW of coal power projects in the country ahead of developing feasible renewable alternatives.