Posts in World Bank
- Two important actions were added to the growing list of recent global steps curbing public finance for coal. First, the European Bank for Reconstruction and Development (EBRD) joined the World Bank and European Investment Bank (EIB) in adopting a new Energy Strategy that significantly restricts support for coal power projects. As the second climate feat of the week, the U.S. government voted no on the Board of the Asian Development Bank (ADB) for a proposed coal power plant in Pakistan. However, even though the U.S. and several other countries voted no or abstained from supporting the Pakistan coal plant, the ADB board still had a simple majority, and therefore approved $900 million in funding for the 600 MW Jamshoro coal plant.
- 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.
- 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.
- 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.
- A new investigation by Oil Change International shows that the World Bank’s infrastructure program in Indonesia reads like a coal industry wish list stipulating policies and government subsidies that promote the fast-tracked development of over 40 coal projects in the country ahead of developing feasible renewable alternatives.
- Whether you’re from Europe or the US, your tax dollars are helping them finance climate-damaging fossil fuel projects, thanks to the EBRD. But that can change.
- Yesterday, the World Bank’s Executive Directors agreed to a new ‘Energy Sector Directions Paper’ which lays out the expected course for the Bank’s future energy lending. While there are some encouraging indications that the Bank will move away from coal financing, the increased emphasis on natural gas and large hydropower is likely to undermine the strategy’s stated objective of increasing energy access for the poor.
- Development, faith, human rights, community, and environmental groups from more than 20 countries teamed up today to ask World Bank President Jim Kim to end Bank support for all fossil fuel projects unless the projects are solely focused on directly increasing energy access for the poor.
- Then you better start swimmin’ Or you’ll sink like a stone For the times they are a-changin’. – Bob Dylan After decades of campaign efforts to get the World Bank to stop investing in fossil fuels, it appears that the institution that was for many years the largest source of multilateral public support for the...
Continue reading 'World Bank starts swimmin’, but still might sink'.
- Development Banks Still Financing Dirty Energy New Database Reveals $40 Billion in Fossil Fuel Funding Over Last Four Years Nov. 30, 2011, Durban, South Africa – Major multilateral development banks have provided financing of over $40 billion to fossil-fuel energy development since 2008, according to the new Shift the Subsidies database (http://shiftthesubsidies.org), launched today by...
Continue reading 'Shift the Subsidies Database Reveals $40 Billion in Fossil Fuel Funding Over Last Four Years'.
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