Oil Change International publishes upwards of 20 reports and briefings every year focused on supporting the movement for a just phase-out of fossil fuels.
A handful of wealthy countries are still funding fossil fuels instead of climate action, giving 3.6 times more public money to prop up fossil fuels than they’re giving to developing countries to address climate change.
If the world is going to meet the goals of the Paris Agreement on climate change, international financial institutions—including the World Bank—must do their part. The World Bank has made commitments to fight against climate change but continues to finance fossil fuel exploration, production, and combustion—the primary drivers of climate change.
Public support for fossil fuel exploration in rich countries is nearly triple the amount pledged to the Green Climate Fund.
The World Bank Group is experiencing clear difficulties in synching its core lending and its energy strategy with climate goals, and the institution has taken steps that can easily be viewed as creating a conflict of interest. Given these difficulties and contradictions, the institution should focus on cleaning up its own act before making further forays into climate finance initiatives.
