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.
World Bank
Fossil Fuel Finance at the Multilateral Development Banks: The Low-Hanging Fruit of Paris Compliance
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.
Fact Sheet: Fossil Free Finance at The World Bank
If the world is going to meet the goals of the Paris Agreement on climate change, international financial institutions—including the World Bank—must do their part. The World Bank has made commitments to fight against climate change but continues to finance fossil fuel exploration, production, and combustion—the primary drivers of climate change.
Still Failing to Solve Energy Poverty
This report assesses how four multilateral development banks (MDBs) — World Bank Group, Inter- American Development Bank, African Development Bank, and Asian Development Bank — are measuring up in their efforts to address the global energy access challenge.
World Bank Failing to Solve Energy Poverty, Receives ‘F’ in New Report
The World Bank and other key multilateral developments institutions are failing to solve the crucial issue of energy access for the global poor, and in the process are missing out on the profound opportunities presented by distributed clean energy solutions, concludes to a major new report released today.
World Bank still funding the search for new fossil fuels, despite climate commitments
New analysis released today shows that the World Bank Group continues to finance billions of dollars in oil, gas, and coal projects each year, including projects to explore for new fossil fuel reserves.
World Bank Group Funds Fossil Fuel Exploration
The World Bank Group continues to invest in exploration for new fossil fuel reserves despite clear signs that we already have far more fossil fuels than we can afford to burn, and over the last five years, the World Bank Group’s total fossil fuel finance has trended upwards, with finance into the billions of dollars nearly every year.
Analysis: World Bank Group increases spending on fossil fuels
New analysis released today by Oil Change International shows that, despite repeated calls for urgent action on climate change, the World Bank Group increased funding for fossil fuels in its last fiscal year. This increase comes during the first full fiscal year following the World Bank’s announced commitment to limit coal financing due to climate concerns.
Adding to Miscues, Missed Deadline Puts World Bank-supported Indonesian Coal Plant at Legal Risk
This week, the Central Java Coal Power Project added to its list of failures, as continued refusal by villagers to sell their land for the proposed coal plant has forced the Indonesian government to yet again extend the deadline for financial closure of the project. This provides yet another reason for the World Bank to intervene.
Development Banks Failing on Energy Access for the Poor
Today, Oil Change International and the Sierra Club released a report finding that none of the major multilateral development banks are succeeding in reaching the world’s poor with their energy projects.