Email the World Bank

The World Bank has financed at least $12 billion in fossil fuels since the Paris Agreement even though this is not compatible with the Paris goals. It will continue to increase emissions, exacerbate the climate crisis, particularly increasing negative impacts in the most vulnerable communities, and result in stranded assets.

As well as financing fossil fuel projects directly, the bank also takes advantage of loopholes to continue to finance fossil fuels indirectly. So as well as calling for an end to direct financing of fossil fuels we are also calling for the closing of loopholes which support fossil fuel expansion through intermediaries, Development Policy Finance and technical assistance.

Over 150 organisations and academics have signed a letter to the World Bank calling for a ‘whole-of-institution’ end to all fossil fuel finance. This letter comes as the World Bank is due to release its new Climate Change Action Plan detailing its plans for work on climate change for the next 5 years and also after 9 of its own Executive Directors called for a fossil finance phase out.

Take action

Add your voice to this call by sending a letter to the World Bank Executive Directors and top officials today:

We have provided editable suggested text for your email below.

Dear President Malpass and World Bank Group Directors,

World Bank Group (WBG) finance for overseas fossil fuel projects has totalled more than $12 billion since the Paris Agreement and the WBG continues to invest the most in fossil fuels out of all of the Multilateral Development Banks. Investment in fossil fuels is not compatible with achieving the Paris goals. I am writing to add my voice to call for a ‘whole-of-institution’ commitment from the WBG to end all types of financial support for fossil fuels.

The UK, EU, and US have all made commitments to phase out fossil finance in the past four months, with explicit commitments to pursue diplomacy to encourage others to do the same. The European Investment Bank, announced its own fossil fuel exclusions in 2019. The WBG is now lagging behind on its commitments to reduce greenhouse gas emissions.

As the Covid-19 crisis continues to expose the vulnerabilities and inequalities affecting the poorest people globally, it is vital that the WBG supports initiatives to reduce poverty and inequality and to increase resilience to all crises. Climate change remains a threat to the Bank’s most vulnerable countries and the rationale to end fossil fuel finance is clear.  The climate crisis could push up to 132 million more people into poverty by 2030, according to the Bank’s own research. Continued investment in fossil fuels including fossil gas (which is incompatible with the remaining carbon budget and will result in stranded assets as highlighted by US Special Presidential Envoy for climate John Kerry) will undermine any actions to tackle poverty and the climate crisis.

As the WBG is currently preparing its Climate Change Action Plan, now is the moment to shift finance out of fossil fuels and into clean, sustainable, renewable energy to tackle the climate crisis and in line with achieving SDG 7 and enabling universal energy access. Low carbon development alternatives are available and the WBG has a key role to play in supporting a just transition for workers and communities.

For countries to ensure they are able to invest in renewable energy and climate resilient development and as part of a ‘just recovery’ to COVID-19, the WBG must address the issue of debt and fiscal space for developing countries. Recovery funds put into fossil fuels will result in stranded assets which will further impact on countries who need the most support in developing climate resilience and adaptation strategies.

I call on the World Bank to make the following commitments and apply them transparently across its lending, including economic stimulus packages in response to the COVID-19 crisis:

- Make a whole-of-institution commitment to end all support to fossil fuels as soon as possible. This means ending both direct and indirect finance for fossil fuels, including through budget support, ‘associated facilities,’ and financial intermediaries. Fossil fuel support via financial intermediaries can be ended by expanding the Green Equity Approach beyond coal to include oil and gas.

- Rapidly scale up investment in energy access and a just transition. The World Bank should align all its lending and operations with high-probability pathways to 1.5°C and universal energy access. It should commit to delivering at least 75 million off-grid connections by 2025. At the project level, investment in renewable energy must ensure the free, prior, and informed consent of impacted communities.

The WBG must implement a ‘just recovery’ strategy to the Covid-19 and climate crises that is people-centred, and helps developing countries to get back on track with the SDGs and the Paris Climate Agreement. The WBG has a significant role to play to set an example for other public development banks on debt, on promoting a just recovery, ensuring energy access for all and in ending all fossil fuel finance.

Yours sincerely,

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