World Bank Group Funds Fossil Fuel Exploration

In 2015, the World Bank Group’s actions continued to speak louder than its President’s strong words on climate change. While the World Bank Group just released a new climate action plan, new analysis released today by Oil Change International shows that the World Bank Group continues to finance billions of dollars in oil, gas, and coal projects each year, including projects to explore for new fossil fuel reserves. The support comes despite the World Bank’s commitment to climate change targets that mean at least three quarters of existing fossil fuel reserves must stay in the ground.

Over the last five years, the World Bank Group’s total fossil fuel finance has trended upwards, with finance into the billions of dollars nearly every year. The World Bank Group provided $313 million in fossil fuel exploration-related investment in fiscal year 2015 alone. The World Bank Group has further continued to finance billions of dollars in oil, gas, and coal projects in the last five years, at rates nearly three times higher in fiscal year 2015 than fiscal year 2011. In FY 2015, the World Bank Group financed more than $2 billion in oil, gas, and coal projects.

— source priceofoil.org

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s