A study commissioned by the German NGO Urgewald exposes the climate-damaging activities of the world's most powerful development institution. The research, published today during the World Bank’s Spring Meetings, shows: The World Bank Group’s active energy project finance is three times greater for fossil fuels than for climate-friendly renewable energy sources – 21 billion US dollars for coal, oil and gas and only 7 billion US dollars for sectors like solar energy or wind power. In the last 5 years alone, the Bank spent USD 12 billion for projects associated with fossil fuels.
The depth of analysis conducted by Heffa Schuecking and her team is superb.Tom Sanzillo, Director of Finance, IEEFA institute
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moritz [at] urgewald.org