As EBRD and EIB prepare for their respective energy sector strategy reviews, 65 civil society groups from 28 countries released an open letter being sent to top EBRD and EIB officials demanding that they stop financing oil, gas, and coal projects.
The World Bank’s pledge to end all upstream investment in the oil and gas sector by 2019 topples a key pillar holding up the social license around the fossil fuel industry.
A new briefing shows that about one-quarter of multilateral development banks’ energy investments between fiscal years 2014 and 2016 flowed to fossil fuel infrastructure, directly at odds with efforts to fight climate change.
A new report shows how multilateral development banks, including the World Bank, gave over $9 billion in funding for fossil fuel projects in 2016, nearly all of it following the Paris Agreement being reached and despite claims that they were acting on climate and adjusting their investment strategies.
New briefings show that while some banks are making good progress, many are still financing billions of dollars in fossil fuel projects despite mounting climate impacts and global commitments like the Paris Agreement.
Despite vocal commitments to help tackle climate change, six key multilateral banks (MDBs) financed over $7 billion in coal, oil, and gas projects in 2015, and funded a total of $83 billion in fossil fuels from 2008-2015.
A new analysis finds that six major multilateral development banks provided over $7 billion in public financing for fossil fuels in 2015, and over $83 billion in financing for fossil fuels from 2008 to 2015, despite public claims of the urgent need for action on climate.