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multilateral development banks

Explainer: Latest data shows the World Bank Group and its peers are still locking in a fossil future

April 4, 2023By Claire O'ManiqueBlog Post, Data Trends, Stop Funding Fossils

Ahead of the 2023 World Bank Spring meetings, we have compiled the major MDBs’ 2022 energy finance data for the first time.

OECD fails to make progress on aligning with 1.5°C, stalling urgent climate action for over 6 months

March 14, 2023By Nina PusicBlog Post, News, Press Releases, Stop Funding Fossils

Last week, OECD countries failed to conclude negotiations on climate friendly incentives to align Export Credit Agencies, the world’s largest international financiers of fossil fuels, with international climate goals.

Rep. Jared Huffman, Advocates Call on World Bank to Stop Financing Dirty Fuel-Based Transport Projects

April 21, 2022By Collin ReesBlog Post, News, Press Releases, Stop Funding Fossils

“The World Bank is falling short by 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.

Oil Change International response to Biden Administration announcements on international finance

April 22, 2021By Collin ReesBlog Post, News, Press Releases, Stop Funding Fossils

“Today’s announcement by President Biden on international fossil finance is welcome but the lack of firm commitments falls short. We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”

Multilateral Development Banks have financed at least $3 billion in fossil fuels during COVID-19 recovery

March 29, 2021By Bronwen TuckerBlog Post, Featured, Press Releases

Today sees the release of the data on project financing from the nine major Multilateral Development Banks on the Energy Policy Tracker and a new Big Shift Global briefing, showing that, since the beginning of the pandemic, the Banks provided at least $12 billion to clean energy and $3 billion for fossil fuels.

Scarce Progress and Serious Disagreements: Another UN Climate Summit Draws to a Close

December 13, 2019By Andy RowellBlog Post

As yet another UN climate summit draws to a close without showing any real sense of urgency commensurate to our climate emergency, campaigners have criticised the UN process for being in a “parallel universe” and being riddled with conflicts.

Briefing: Carbon Pricing and the Multilateral Development Banks

May 31, 2019By Alex DoukasBriefings, Stop Funding Fossils

To help inform the alignment of the MDBs with the Paris Agreement, this briefing explores the use of shadow carbon pricing by MDBs and considers some best practices and limitations in the application of shadow carbon prices.

UK Parliamentarians call for “radical action” placing climate change at centre of aid spending

May 10, 2019By Andy RowellBlog Post, Featured

An influential British parliamentary committee has castigated the UK Government – which is paralysed by Brexit – for failing to respond adequately to the climate crisis as well as failing to reflect the urgency of that crisis in the way it funds development and climate-related projects abroad.

David Malpass as World Bank President = Climate Fail

February 4, 2019By Alex DoukasFeatured, News, Press Releases

Program Director Alex Doukas said, “David Malpass is a dreadful nominee for the World Bank President. Malpass was Chief Economist of Bear Stearns as the company led the economy off the cliff into a global financial crisis. That tells you all you need to know about David Malpass’ ability as an economic steward.”

Oil Change Int’l Response to Approval of the EBRD’s New Energy Sector Strategy

December 12, 2018By Collin ReesFeatured, News, Press Releases

“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.

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