Press Releases & Media Infos

• Database reveals oil & gas companies with the largest expansion plans
• Planned oil & gas pipelines would reach halfway to the moon
• Finance industry pledges net zero, but continues backing reckless oil & gas expansion

In AIIB’s six years of operation, after 142 projects approved and over $28 billion invested, the PPM has yet to receive a single complaint. A new report released by Recourse and Urgewald examines the possible reasons for this.

Since the Paris Agreement, the World Bank has provided $12 billion in direct project finance to fossil fuels, more than any other multilateral development bank.

• World Bank-required tariff reforms made new coal investments in Pakistan the world’s most profitable 
• World Bank assistance linked to 7,000 MW of new coal-fired generation
• Urgewald calls for an end to all public assistance for fossil fuelshttps://urgewald.org/en/shop/world-bank-helps-develop-asias-largest-coal-field

• 49% of the companies on 2021 GCEL still developing new coal assets
• Less than 5% of companies have announced a coal exit date

While Xi did not provide any further details, NGOs and affected communities are clear about how the word “build” should be filled with meaning: The country has to end all support for new coal projects abroad, in terms of ownership, engineering contracts, insurance and/or public or private financial support.