All financial institutions, public and private, including the World Bank, must still work toward aligning their finance with the aim of keeping global temperature increase below 1.5 degrees Celsius, but today, the World Bank set a high new bar in climate leadership.
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Reaction: World Bank Steals Show at One Planet Summit by Phasing Out Upstream Oil and Gas Finance
Today at the One Planet Summit the World Bank set a new bar for financial climate leadership by committing to end finance for oil and gas extraction and exploration projects.
Dirty Dozen Released: 12 Projects that Undermine the One Planet Summit and Put the Climate at Risk
The 12 projects contained in today’s new briefing are examples that demonstrate how public finance is still acting as a critical lifeline for destructive fossil fuel projects, many of which could not otherwise be built, and how this support continues to this day, a full year after the Paris Agreement entered into force.
Letter: 200+ Groups to G20 & Multilateral Development Banks – Stop Funding Fossils
Over 200 civil society groups released a letter calling on multilateral development banks, including the World Bank, and leaders of G20 governments to commit to phase out subsidies and public finance for fossil fuels as soon as possible.
Briefing: Dirty Dozen – How Public Finance Drives the Climate Crisis through Oil, Gas, and Coal Expansion
To have any hope of meeting globally-agreed climate goals, global financial flows must rapidly align with low-emission, climate-resilient development, and government-backed public finance institutions like the World Bank must signal this transition.