Multilateral Development Banks (MDBs) such as the World Bank manage billions of dollars of public money. They are key to financing the shift to a sustainable, renewable global energy system.
Multilateral Development Banks must:
- Phase out all direct and indirect finance to fossil fuels and promote a just transition.
- Significantly scale up investment in sustainable renewable energy and ensure everyone has access to clean, safe energy.
- Include strong environmental, social and governance safeguards relating to fossil fuels and renewable energy.
- Be transparent and accountable about direct and indirect energy finance and in measuring emissions from the projects they fund.