"A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing".
"The World Bank has provided nearly $15bn of finance directly to fossil fuel projects since the Paris agreement was signed in 2015, and is likely to have spurred far greater investment indirectly, new research has found.
Funding for “upstream” oil and gas projects from the World Bank was meant to stop from 2019, but the Big Shift Global, a coalition of more than 50 NGOs, has found the bank and its subsidiaries funding oil refinery and gas processing since then.
As the bank is also instrumental in helping to catalyse investment from other donors and the private sector, its direct funding of $14.8bn to fossil fuel since the Paris agreement is likely to be the tip of the iceberg when it comes to assistance to high-carbon development, according to the report published on Thursday.
The findings heap further pressure on the World Bank president, David Malpass, who was appointed by then US president Donald Trump in April 2019. He faces an uncertain future, as the World Bank prepares for its annual meetings explaining its strategy, beginning 10 October."
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