The World Bank has repeatedly and fully pointed out that it will adopt the Paris goals and contribute to reducing greenhouse gases. But, the analyses of the Urgewald Senior Advisor Heike Mainhardt show a different picture: For the last five financial years, World Bank financing for fossil energies has been more than twice as high (12 billion US dollars) as for renewable energies (5 billion US dollars), excluding large hydro power.
African continent: Fossil financing four times as high
For the African continent, the result is even more alarming: In the World Bank's current portfolio, the financing of fossil fuels (USD 10 billion) is even four times higher than that of renewable energies (USD 2.5 billion).
Radical change of course necessary!
As long as the World Bank continues to promote fossil energies, the many efforts made by the World Bank Group to promote alternative energy models will not suffice to achieve the 1.5 degree target. Whether directly or indirectly, the Bank's support and assistance for the expansion of fossil energies contributes to further global warming. That is why a holistic, even radical change of course must now be initiated!