Posts in World Bank
- The World Bank should prioritize energy access by redirecting energy financing away from large fossil fuel projects toward decentralized renewables.
- New analysis released today by Oil Change International finds that World Bank Group finance for projects that included exploration for new fossil fuel resources reached a new high in FY2013, at nearly $1 billion out of the $2.7 billion spent in total for fossil fuel projects.
- World Bank Group finance for projects that included fossil fuel exploration was highest in FY2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects in 2013.
- World Bank Group finance for fossil fuel exploration projects from FY2008 to 2013 was highest in 2013, at nearly $1 billion out of $2.7 billion total for fossil fuel projects.
- 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.
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