Research shows that the World Bank — which is owned by 187 countries — spent an estimated $3.7 billion to finance fossil fuel projects in 2022.
A new report published Tuesday shows that the World Bank loaned billions of dollars to the fossil fuel industry last year despite its repeated promises to focus more on a low-carbon economy.
The financing comes in the wake of a pledge the World Bank made in 2017 to largely stop financing upstream oil and gas projects after 2019. Heike Mainhardt, the author of the study, said in order to align with the Paris Climate Agreement goals, the World Bank must end its friendly fossil fuel policies and stop financing those types of projects.
"When the World Bank targets reforms to energy tariffs, this often involves increasing tariffs usually under the banner of reducing energy subsidies," she wrote."However, these tariff increases typically increase the profit margins for new coal and/or gas power plants or new oil and gas field developments.
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