Analysis - The Bank invests billions in fossil fuels, including through various opaque channels. Unless this changes, its public soul-searching will count for little.
And yet, between 2016 and 2020, the World Bank Group provided over. The Bank likes to boast that it provides more"climate finance" than any other multilateral development bank. It is quiet about the fact it also provides more fossil fuel funding than any of its counterparts.
Take trade finance. Fossil fuels cannot be traded globally without cargoes being covered by trade finance in the form of specialised short-term bank loans and letters of credit guaranteeing payment. Likewise, the development of new oil, gas, and coal fields and power plants requires large volumes of equipment imports covered by these instruments. The World Bank provides billions of dollars in trade finance every year.
To provide budget finance, the World Bank also requires governments to enact various policy reforms - such as corporate tax breaks and higher energy tariffs - that make fossil fuel investments more attractive. For example, the Bank required tax reforms in half of the 80 countries, and higher energy tariffs in over a third. In Pakistan, a Bank-required electricity tariff reform made new coal-fired power plants the mostThe Bank's opacity allows it to obscure much of its fossil fuel funding.
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