“Under President Kim, the World Bank Group demonstrated a degree of climate leadership by announcing an end to financing for oil and gas extraction, and by starting to tighten its rules on lending to private banks who then invest that money in fossil fuels. The World Bank Group still has a long way to go on climate action, and Kim’s departure should not put a stop to this recent progress."

"If MDBs follow through on this commitment, we would expect the EBRD’s brand-new strategy to be obsolete within a year, given what will be required to truly align with the Paris Agreement ambition to limit warming to 1.5°C," said Alex Doukas, Program Director at Oil Change International.

The World Bank Group released new climate targets for 2021-2025, aiming to provide and mobilize $200 billion in support of countries’ climate action. Members of the Big Shift Global coalition react to this announcement.

A new report released today reveals the disconnect between Canada’s promises on climate change and the actions of its official export credit agency, Export Development Canada (EDC), in propping up the oil and gas industry through government-backed (public) finance.

A new analysis finds that overseas coal-fired power plants supported by Korea’s public finance institutions could cause as much as 27 trillion KRW (nearly USD 25 billion) in annual damage to people’s health and the climate.