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.
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.