ACTION ALERT: Tell the World Bank: End All Fossil Fuel Finance!
Price of Oil.org
(March 30, 2021) — Since the adoption of the Paris Agreement, the World Bank has financed at least $12 billion in fossil fuels. Additional fossil fuel finance will continue increase emissions and exacerbate the climate crisis, particularly amongst most vulnerable communities, and result in stranded assets.
The Bank is preparing to release their Climate Change Action Plan for 2021 to 2025, and we have heard the Banks’ own Executive Directors are split on whether to end their remaining fossil fuel finance. And they will meet on April 1st to decide.
As well as financing fossil fuel projects directly, the bank also takes advantage of loopholes to continue to finance fossil fuels indirectly. We demand an end to the direct financing of fossil fuels and also for the closing of loopholes which support fossil fuel expansion through intermediaries, Development Policy Finance and technical assistance.
Over 150 organizations and academics have signed a letter to the World Bank calling for a ‘whole-of-institution’ end to all fossil fuel finance. This letter comes as the World Bank is due to release its new Climate Change Action Plan detailing its plans for work on climate change for the next five years — in response after nine of its own Executive Directors called for a fossil finance phase out.
Add your voice to this call by sending a letter to the World Bank leaders today to end all fossil fuel finance.
SIGN THE PETITION
Your letter will be delivered to World Bank President David Malpass and its Executive Directors:
Dear President Malpass and World Bank Group Directors,
I am writing to add my voice to call for a ‘whole-of-institution’ commitment from the WBG to end all types of financial and policy support for fossil fuels.
The UK, EU, and US have all made commitments to phase out fossil finance in the past few months, with explicit commitments to pursue diplomacy to encourage others to do the same. The European Investment Bank, announced its own fossil fuel exclusions in 2019. The WBG is now lagging behind on its commitments to reduce greenhouse gas emissions.
I call on the World Bank to make the following commitments and apply them transparently across its lending, including economic stimulus packages in response to the COVID-19 crisis:
- End all support to fossil fuels — including gas — as soon as possible. This means ending both direct and indirect finance for fossil fuels, including through budget support, ‘associated facilities,’ and financial intermediaries.
- Rapidly scale up investment in energy access and a just transition. The World Bank should align all its lending and operations with high-probability pathways to 1.5°C and universal energy access. It should commit to delivering at least 75 million off-grid connections by 2025.
The WBG must implement a ‘just recovery’ strategy to the COVID-19 and climate crises that is people-centered, and helps developing countries align with the SDGs and the Paris Climate Agreement. The WBG has a significant role to play to set an example for other public development banks on debt, on promoting a just recovery, ensuring energy access for all and in ending all fossil fuel finance.