FOR IMMEDIATE RELEASE

April 21, 2022

Contact:
Collin Rees, collin@priceofoil.org
Faisa Ahmed,
faisa@team-arc.com

Rep. Jared Huffman and Advocates Call on World Bank to End Financing for Dirty Fuel-Based Transportation Projects 

Despite Commitments, The World Bank Continues to Favor Fossil Fuel-Dependent Vehicles over Clean, Secure, Sustainable Alternatives

***LISTEN TO RECORDING HERE***

WASHINGTON, DC — Rep. Jared Huffman (CA-02), Bank Information Center, Oil Change International, Friends of the Earth U.S., and advocates held a press call to urge the World Bank — during the 2022 Spring Meetings — to end financing for fossil fuel-based ground transportation, and instead invest in clean, secure, sustainable alternatives. Clean energy is the key to energy independence and security, and the U.S. must use its role at the multilateral development banks (MDBs) to advance the transition to a global clean energy economy. 

Despite their public rhetoric on climate, the MDBs continue to disproportionately invest in fossil fuel dependent transportation and provide little support for zero-emission vehicles. Research has found that since the 2015 Paris Climate Agreement became effective, the majority of World Bank and IDB transport projects have continued to favor fossil fuel-dependent vehicles.

“Pollution from internal-combustion vehicles harms people. It’s one of the biggest contributors to our global climate crisis and it’s time for the United States to walk the walk. Unless we end international financing of planet-killing fossil fuel projects, we can’t meet our goals. That’s why we’re calling on Congress to pass the Sustainable International Financial Institutions Act. It backs up the lofty goals and pronouncements we’ve been making with tangible action to break the world’s dependency on fossil fuels. We do it simply by directing U.S. representatives at these institutions, like the World Bank, to stop digging the climate hold deeper,” said Rep. Jared Huffman (CA-02).

“The only people benefiting here are the oil and gas CEOs making record profits, potentially over $125 billion just this year. That’s why it’s so important to have institutions committed to climate leadership follow through on their promises. Instead, we’ve seen the World Bank falling short. In fact, the Bank is doubling down on fossil fuel transportation investments that will lock in climate chaos while creating new sources of sickening pollution for communities around the globe,” said Collin Rees, U.S. Program Manager at Oil Change International.

“The vast majority of dollars spent in the transportation sector still support the internal combustion engine over zero emissions vehicles and its funding remains to be at pilot level funding. Where they put their dollars will demonstrate their commitment. Their current investments demonstrate an unacceptable pattern for our climate, our future and for an International institution that has pledged to be a climate leader,” said Kyle Ash, Policy Director at Bank Information Center.

“Clean sustainable transportation should not be reserved for wealthy countries or highly developed cities. Unfortunately, the World Bank’s continued reliance on investment in fossil fuel transportation is creating new and dangerous pollution around the world that makes families sick and fuels the climate crisis. The World Bank talks a lot about their commitments to climate action and environmental justice, but now we’re asking them to prove it” said Kate DeAngelis, International Finance Program Manager at Friends of the Earth U.S. 

Listen to the call recording. Read more about why The World Bank, Inter-American Development, and other multilateral development banks must do more to decarbonize transportation, the fastest growing sector for harmful carbon emissions. 

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