The World Bank has invested $14.8 billion in fossil fuel-related projects since the Paris climate accord, according to a report published Thursday by a coalition of environmental NGOs, cited by AFP.
In 2018, the international financial institution pledged to no longer finance oil and gas production, according to an analysis by The Big Shift Global coalition. But while that direct funding has declined, the measure has not included indirect funding through intermediaries such as private banks, the report said.
The report comes amid controversy over comments made by World Bank President David Malpass.
Appointed by former President Donald Trump, Malpass is accused of dodging questions that asked him to confirm the role of fossil fuels in global warming.
“Every time the World Bank invests in a new fossil fuel project, it is contributing to climate catastrophe,” said Sophie Richmond of The Big Shift. “There can be no justification for using taxpayers’ money to exacerbate the climate crisis,” she says.
The 2015 Paris Agreement aims to limit global warming to less than +2°C above pre-industrial levels and, if possible, to +1.5°C.
Source: Hot News RO
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