Global leaders at the Paris Summit missed a critical opportunity to redirect trillions from fossil fuels, debt, and the ultra rich to address the climate crisis.
“The World Bank cannot be effective on climate action until it stops adding fuel to the fire. We’ll be looking to shareholders and Bank leadership to make serious commitments to stop all forms of support for fossil fuels,” said O’Manique.
“Despite Malpass’s departure, the World Bank Group still funds more fossil fuels than any other multilateral development bank. Ending this support must be top priority ahead of the Bank’s Spring Meetings,” said Tucker.
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.
Climate change organizations under the Big Shift Coalition have called on the World Bank to fire its President David Malpass.
“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.
The plan leaves the door open for new gas finance and keeps existing loopholes for continued support for all fossil fuels.
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.
President Trump has nominated David Malpass to be World Bank President If approved, Malpass would be a disaster for the World Bank – and the world. He’s not fit for this role and would drag the World Bank back to climate denial and inaction.
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.”