Last week, civil society advocates from across the world convened outside the Washington DC headquarters of the World Bank to protest the Bank’s highly controversial financing of deadly fossil fuel projects.
While the MDBs endorsed the Sustainable Development Goals, this new report shows that from 2014 through 2017, MDBs directed just 2% of their energy finance toward the off-grid and mini-grid energy solutions.
Overall, the MDBs are not financing energy access at nearly a sufficient level to meet the needs of energy-poor communities. Much of the energy access finance that is being provided is being directed to many of the communities that need it most. But even so, energy access is not reflected as a priority for the MDBs.
“This is an important step by the IFC to redirect its investment to align with the Paris Agreement on climate change, and other financial institutions should sit up and pay attention,” said Alex Doukas of Oil Change International