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.
international finance
World Bank Group financed $1 billion in fossil fuel exploration 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.
Momentum Grows to Stop Coal Finance, but Further Action is Critical
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.
EBRD’s Draft Energy Policy continues Support for Dirty Coal
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.