World Bank Must Look at Energy Loan Impact, Internal Audit Says

The World Bank, which has increased loans for renewable energies over the past decade, needs to better assess the results of projects it finances, an internal audit of the bank’s efforts to mitigate climate change says.

Between 2003 and 2008, the Washington-based agency increased annual investment on renewable and energy efficiency tenfold to $2 billion, according to the Independent Evaluation Group, which reports directly to the bank’s board of directors. At the same time, there haven’t been enough measures of impact in areas such as forest management, according to the report released today.