PRESS RELEASE: Big Shift Global Campaign on World Bank Annuals
11 October 2017
As the World Bank gears up for its Annual Meetings this week, the Big Shift Global coalition demands that the Bank stick to its promise and follow a truly green growth pathway to meet the goals of the Paris Agreement to keep warming below 1.5C.
It is unacceptable that the World Bank continues to fund fossil fuel projects two years after the Paris Agreement.
The Big Shift is a rapidly growing movement which has united many thousands of people across the globe with a common aim – to get the World Bank to recognise that it can’t keep on funding fossil fuels when the world is about to reach the 2020 tipping point beyond which it will no longer be able to stop run-away climate change.
The campaign is bringing out two key reports tomorrow, 12 October, Thursday, to highlight how funding by development banks into fossil fuels are against their public commitments to support green growth.
These reports are by Oil Change International and E3G, members of the Big Shift coalition and are under embargo until 12 October 12 PM.
Key Findings from the Reports :
- Government-backed Multilateral Development Banks (MDBs) are not greening their investments fast enough. While overall spending on climate-related activities is higher than on fossil fuels, there is still a lack of progress in phasing out fossil fuel investments and increasing climate finance.
- MDBs approved over $5 billion in fossil fuel finance in 2016, despite the Paris Agreement being reached in December 2015, analysis by Oil Change International shows.
- The Inter-American Development Bank is a leader among MDBs, with the highest green-to-brown ratio. The European Bank for Reconstruction and Development and the World Bank Group have emerged with the lowest green-to-brown ratio among MDBs, E3G analysis shows. From fiscal year 2015 to 2016, multilateral development bank finance for fossil fuel exploration-related activity doubled.
- E3G analysis found that some projects reported as climate finance were in fact fossil fuel projects instead. The European Bank for Reconstruction and Development provided funding to an offshore gas exploration project in Azerbaijan, the Lukoil Shah Deniz Stage II project, and counted $10m as climate finance.
- As a first step towards phasing out support for oil and gas, both newly released briefings conclude that MDBs should stop all remaining support for coal and commit to ending finance for exploration of fossil fuels. The African Development Bank and Asian Development Bank have already excluded financing for fossil fuel exploration based on financial risks, and the other MDBs should follow suit.
While the reports are under embargo, you can speak to the authors- Alex Doukas from Oil Change International and Helena Wright from E3G to get quotes and secure a copy. of the reports
About the Big Shift Global
The Big Shift Global is a multi-stakeholder, global campaign coordinated by organisations from the Global North and South. For a full list of organisations who are part of the campaign, read here
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