The International Finance Corporation (IFC) still has a fossil fuel addiction. In the year when the Multilateral Development Banks (MDBs) are finally aligning their portfolios with the Paris Agreement, over seven years after the Agreement itself was made, it is time for change.
This new report from Recourse and partners, on the IFC’s investments made via financial intermediaries, finds that IFC clients are still funding new coal and are heavily exposed to oil and gas. Although a new commitment to prevent exclude new coal is welcome, we call on the IFC to extend exclusions to oil and gas in its Paris alignment methodology.
Publication Year: 2023
Banks: World Bank