'Analyses indicate that over $1 billion dollars in World Bank funding have gone toward fossil fuel projects since David Malpass became president,' writes Phyllis Cuttino, president and CEO of The Climate Reality Project
Malpass is not alone. Multilateral development banks —like the World Bank—have extraordinary influence over the global energy sector, effectively determining what kinds of projects can and can’t be built. And while they commit to aligning with the goals of the Paris Agreement and tackling the climate crisis publicly, they effectively deny it in practice, providing anWe are out of time for this one step forward, three steps back policy from the world’s financial institutions.
co-authored by the International Energy Agency projected the world would need at least $1 trillion in annual investments in renewables by 2030 to accelerate energy transition on the scale and at the pace necessary to avert climate catastrophe.that he’d welcome meeting with climate scientists.
We need real leadership on the climate crisis from the World Bank and other MDBs. Especially with the UN’s critical COP 27 climate conference fast approaching and an opportunity for global finance to supercharge the just transition to clean energy already underway. Change has to start at the top. Malpass had his chance to lead and passed. It’s time for a new way forward—and a new World Bank president.
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