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.
Day: October 8, 2013
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.
Fossil Fuels Becoming the “New Tobacco”
For over a decade now a growing band of activists and enlightened financiers have argued that if we are going to tackle climate change then a proportion of fossil fuels have to stay in the ground.