Green
World Bank Still Investing Billions in Fossil Fuels, Study Shows
- Bank backed projects despite climate rhetoric: Urgewald
- World Bank says it’s helping resource-dependent nations
Photographer: Chris Ratcliffe/Bloomberg
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The World Bank Group has continued to invest in fossil fuels despite pledging to fight climate change, according to German environmental lobby group Urgewald, which cited over $2 billion spent on projects in the past two years.
The bank has spent more than $12 billion on such projects since the Paris Agreement to combat global warming was adopted in 2015, about the same amount it spent on fossil fuels from 2014 to 2018, a study by Urgewald showed. The data, which Urgewald updates annually, was compiled from World Bank data and by contacting projects, companies and governments that received the funds.