A non-profit organization, Glasgow Team and climate activists has accused World Bank of providing $12bn for fossil fuels projects in 35 countries, which had massively contributed to climate change.
This was stated at press a conference held via webinar, with theme ‘World Bank’s investment in Carbon Capture in Nigeria in Commemoration of 2022 World Habitat Day’ where they condemned what they described as false narrative that fossil fuels will bring prosperity.
They said is a harmful distraction from the actual demands of Global South citizens, especially Africans, who want clean, community owned energy.
And further stated that also harmful is the Net Zero lie that “Big Polluters use to continue polluting” while promising unrealistic tree planting schemes that could only feasibly lead to land grabbing.
According them, the World Bank is a major investor of public money into energy projects and sets the norms for other multilateral lenders and crowds in private finance, so it is essential that those running the World Bank acknowledge the real-world impacts of its funding.
Glasgow Action Team is a coalition of civil society organisations/ charities working for climate justice.
Reading the address, Climate activist, Jake Hess, on behalf of others said, “This year’s World Habitat Day seeks to draw attention to the growing inequalities and vulnerabilities that have been exacerbated by the triple ‘C’ crises — COVID-19, Climate and Conflict, and this is why we have converged here today to call on the World Bank to move from rhetoric to action, and reform its climate policy.
“The World Bank was set up after World War Two to rebuild economies and its stated goals are to end extreme poverty by 2030 and increase prosperity.
“The Bank’s failure to tackle climate change is the latest challenge where the Bank has come short and failed to deliver for low-income countries.
“Since the Paris Agreement, the World Bank has provided $12 billion in direct project finance to fossil fuels projects in 35 countries, more than any other multilateral development bank, according to civil society estimates.
“The figure does not include billions more in support of fossil fuels through financial intermediaries, the biggest culprit being the commercial lending arm of the World Bank, the International Finance Corporation (IFC).
“The false narrative that fossil fuels will bring prosperity is a harmful distraction from the actual demands of Global South citizens, especially Africans, who want clean, community owned energy. Also harmful is the Net Zero lie that Big Polluters use to continue polluting while promising unrealistic tree planting schemes that could only feasibly lead to land grabs.
“The World Bank is operating with impunity. The vast proportion of the World Bank’s lending and other programme portfolios remain immune from legal action, as does the IMF. This means that its contradictions are not held accountable.
“For example, it continues to invest in fossil fuels which are driving climate change, at the same time as investing in trying to fix the problems caused by climate change, such as investing $10 million into reversing degradation of Lake Chad.”