The World Bank still massively invests in fossil fuels despite climate pledge – NGO
ICIJ / Urgewald
The World Bank is touting investments in solar parks and other climate-friendly projects but has continued to finance oil and gas exploration, pipelines and refineries that contribute to the problem the lender has declared it wants to solve, writes the International Consortium of Investigative Journalists (ICIJ) based on a report by German environmental NGO Urgewald. These fossil fuel investments make up a greater share of the bank’s current energy lending portfolio than renewable projects. The report’s author, Heike Mainhardt, said that while the bank has been doing more in recent years to support renewable energy, the analysis shows it has yet to meaningfully shift away from fossil fuels. In a written response to ICIJ’s questions, a bank spokesperson said Urgewald’s report reflects an outdated view of the bank’s activities. The World Bank has ended its support for coal-fired power plants and has committed to stop almost all funding for oil and gas production by the end of 2019, the spokesperson said.