President Biden’s choice of Ajay Banga is disappointing. This moment demands a World Bank leader who will prioritize the urgency of the climate crisis, not another Big Business executive with no experience in development, environmental work, or the public sector.
Response: Malpass departure must be the start of a fossil free World Bank
“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.
Pressure grows on World Bank boss to quit over funding of climate chaos
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.
New report finds International Monetary Fund must curb its support for fossil fuels
“As many Global South countries face the worst debt crises we have seen in a generation and climate disasters at the same time, the IMF has a lot to answer for,” said Bronwen Tucker.
Rep. Jared Huffman, Advocates Call on World Bank to Stop Financing Dirty Fuel-Based Transport Projects
“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.
Multilateral Development Banks have financed at least $3 billion in fossil fuels during COVID-19 recovery
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.
Nearly 450 Organizations Call on Biden Administration to End Public Finance for Fossil Fuels
Over 400 organizations from 50 countries signing onto a new letter called on the Joe Biden administration to immediately end all U.S. public financing for fossil fuels, including natural gas.
Finance in Common Summits misses opportunity to end fossil fuel finance, but there is a way forward, say CSOs
Today development banks signed a joint declaration at the first global summit of development banks, Finance in Common. Before the summit, the UN Secretary General, youth climate activists, and over 300 civil society organisations all urged development banks to act to end fossil fuel investments. However, the joint declaration only includes a vague commitment to “consider” ways to reduce fossil fuel investments.
It’s been 25 years since the Ogoni 9 — why are governments still funding fossil fuels?
To do anything less than stopping all public money to fossil fuels dishonors the memory and sacrifices of Saro-Wiwa, the Ogoni 9, and countless others who have risked and lost their lives to defend their lands and communities.
U.S. Senator Jeff Merkley Introduces Pair of Bills to Halt Financial Investments in Fossil Fuels
“If banks won’t stop funding climate devastation, our government must force their hand, and Senator Merkley’s bills would force the action we need,” said David Turnbull of Oil Change International.