The World Bank has long been accused of reneging on its climate commitments.
to replace Malpass, is a former private equity executive who has worked for Nestlé, PepsiCo, and Citibank. Urgewald warned in its report Tuesday that the World Bank will remain a major source of funding for the fossil fuel industry until it enacts reforms that prevent the IFC from bolstering oil and gas under the guise of “trade finance.
” “The easiest way for a big oil company or coal operation to escape attention surrounding public assistance is to cloak it in trade finance,” the group said. “It is a huge loophole that must be closed and evaluated through public disclosure.” Urgewald added that “there is no doubt” the World Bank and IFC “are going to deny” its findings and “claim the figures are inaccurate.”that “Urgewald’s report contains serious factual inaccuracies and grossly overstates IFC’s support for fossil fuels.” “IFC regularly reports accurate and timely project information through various channels,” the spokesperson added. Urgewald disputed that narrative in its report, asserting that the “continued secrecy surrounding trade finance makes it impossible to determine how much fossil fuel business the IFC is ultimately facilitating and whether the World Bank is actually aligned with the goals of the Paris Climate Agreement.” “An exorbitant amount of IFC money, i.e., more than half its budget, is streaming through banks without any oversight by the [World Bank Board of Directors], without any opportunity for public scrutiny, without any accountability,” the group said.Truthout is non-profit and funded almost entirely by readers like you. For over two decades, we’ve published the latest developments in politics, uplifted movements for social justice, and uncovered wrongdoing wherever it hides. Today, along with many independent media organizations, we’re facing a shortfall in our fundraising efforts. The deficit we’re experiencing is frightening and could have a long-term impact on our work.No matter your gift size – whether $5, $10, or $50 – it all makes a difference for our small newsroom.
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