🏦 #World_Bank spent #billions of dollars backing #fossil_fuels in 2022, study finds
Campaigners estimate about $3.7bn in #trade_finance was #supplied to #oil and #gas_projects #despite bank’s #green_pledges
🏴☠️ Long way to go to align with the 2015 #Paris_Agreement.
☠️ The World Bank is pumping record funding into climate financing. But at the same time, it’s also funneling billions into fossil fuel projects.
🏴☠️ In 2022, the World Bank supplied about $3.7 billion in loans and capital to expedite imports and exports—“trade finance”—that likely ended up funding oil and gas developments, according to Urgewald, a campaign group that tracks global fossil fuel finance. The source of these funds was the International Finance Corporation (IFC), the arm of the Bank that works with the private sector, Urgewald said.
“This would more than triple the current annual level of fossil fuel finance attributed to the World Bank and cast serious doubts on Bank claims of alignment with the Paris Climate Agreement,” Heike Mainhardt, the author of the research, warned (pdf). Even this estimate is conservative, Urgewald researchers said, because it doesn’t take into account how the prices of oil and gas spiked as a result of the war in Ukraine. The report also doesn’t cover coal-related trade—another contributor to carbon emissions—because of a lack of reliable information.
Question to the oil tycoons? What is your #Death_Wish? see Below. Which way would you like it? Just curious..
Best Kill Lines | Death Wish 1-5 | Charles Bronson
2. Video: https://youtu.be/qNjTy0g18Co?si=y0wJY4ZE6GvI7lLp
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