According to an investigation by Germany’s Urgewald, an NGO focused on financing fossil fuel companies, the World Bank appears to have used significant funds in 2022 to finance oil and gas projects.
Why is this important?
The World Bank is the world’s largest development cooperation institution. As climate becomes increasingly important, the bank announced in 2017 that it would stop supporting investments in fossil fuels from 2019, except in the poorest countries. However, in 2019, former US President Donald Trump appointed climate skeptic David Malpass to head the World Bank, thus making the climate secondary to the institution.The news : Despite the World Bank’s climate commitments, Urgewald investigation reveals that nearly $3.7 billion has been allocated to oil and gas projects in 2022.
- However, the exact amount is difficult to determine because commercial financing instruments were used. It is a general term for financial products that facilitate business transactions while making them difficult to trace
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