As the World Bank Annual Meetings 2025 draw to a close, a large question mark remains over just how dedicated the Bank is to its climate commitments. During these turbulent geopolitical times, a majority of shareholders overwhelmingly agreed the Bank must maintain its work on climate. However, there was barely a whisper of climate during any of the flagship events in DC and the concern on whether the Bank will backslide on fossil fuels remains.
A return to funding for gas exploration hangs in the balance with a decision expected later this year. With increased levels of finance being channelled indirectly to projects there are also concerns that more fossil projects are being funded by the backdoor. The World Bank (WB) and other multilateral development banks (MDBs) claim they are aligned with the Paris Agreement and yet recent energy investments demonstrate the Bank continues to opt for false solutions (including industrial biofuels, carbon capture and storage, and nuclear) that detract from a just energy transition that centres social and environmental considerations.
WB President Ajay Banga doubled down on a "decent jobs" agenda while avoiding the real opportunity knocking at his door: Investment in a just transition to 100% renewable energy will ensure clean technology jobs for local people and sustainable, secure economies long into the future.
With COP30 just around the corner, there was no mention of how the World Bank Group plans to mobilise the scale of climate finance needed for the just energy transition - a responsibility that was attributed to it and the other MDBs at COP29, and was echoed in the draft report launched this week by the COP30 Circle of Finance Ministers.
Reaction from members of BSG coalition:
Ute Koczy, Senior Campaigner for Multilateral Financial Institutions at Urgewald: “We urge the World Bank Group not to buckle under the pressure from the White House. The climate crisis is real; it destroys lives and livelihoods. We cannot afford any backsliding on climate. The Bank’s shareholders must rein in President Banga’s proclivity for private finance and unilateral decision-making, such as the recently lifted ban on nuclear finance. It’s time for bold leadership towards a safe, prosperous future for people and the planet.”
Karabo Mokgonyana, Senior Campaign Associate for Power Shift Africa: “As the curtain falls on the World Bank Annual Meetings, it’s hard to ignore the silence on climate. Mission 300 was framed as a bold vision for shared prosperity, yet the absence of clear direction on the Bank’s energy strategy leaves serious doubts about whether that mission aligns with a just and sustainable future. The Bank cannot continue to speak of development while quietly entertaining a return to fossil gas and other false solutions like nuclear. The future of energy lies in renewables, powered by transparent, equitable governance of critical minerals, and by investments that create decent, local jobs without sacrificing the planet. If these meetings were meant to chart the course toward COP30, then the Bank must decide whose future it’s financing, the world’s poor or the fossil fuel industry.”
Sunil Acharya, Just Transition Campaign Manager, Recourse: “This week the World Bank has heard loud and clear how the climate impacts being faced by affected communities are no scam or con job. A publicly funded just transition must follow - one that doesn’t rely on false solutions or a failed privatisation model, but instead backs community-led renewable energy systems that deliver affordable power and energy sovereignty.”
Raj Bhuee, Stop Funding Gas Campaign Manager: This week’s discussions highlighted the Bank’s claim that 45 per cent of its portfolio will still remain climate-related, but percentages mean little without purpose. If initiatives like Mission 300 are to accelerate genuine energy access, they must prioritise decentralised renewables and stronger grids, not fossil gas, large hydro, or export-oriented false energy solutions that have long standing environmental and social impacts for communities. Ten years after the Paris Agreement. the World Bank should demonstrate that its energy strategy powers people and climate. not corporate interests.
Ellenor Bartolome, Policy, Campaigns, and Communication Lead of the Philippine Movement for Climate Justice: The World Bank continues to pride itself on its Paris-aligned investment portfolio. But it cannot hide behind secrecy and excuses while still pouring billions into fossil fuels, deepening the crisis and drowning millions in catastrophic disasters and debt traps. Ahead of COP30, its legacy will be defined by one question: Will the World Bank stand with the people and the planet – or with the big polluters and more profits? The answer should be obvious by now: the Bank must finally walk the talk and channel every dollar to deliver the scale of climate finance needed toward a just, renewable future for all.