End Oil Aid

World Bank lending for coal up 256%

Steve Kretzmann — Mon, 08 Dec 2008 21:35:29 +0000

Relying exclusively on the World Bank’s own figures, a new analysis shows World Bank Group lending to coal, oil and gas is up 94% from 2007, reaching over $3 billion. Coal lending alone has increased an astonishing 256% in the last year.

This is the same World Bank that would like to lead - and control the finances of - global efforts to fight climate change. (more…)

World Bank Greenwashes Oil and Coal During Annual Meetings

Kristin — Thu, 16 Oct 2008 20:54:08 +0000

The World Bank, the largest funder of fossil fuel projects around the world, is attempting to reinvent itself as a leader in the fight against climate change. But a look behind the scenes shows that the green rhetoric conceals dramatically increased support of dirty coal, gas and oil projects that contribute to global warming, debt and poverty.

To dramatize this blatant greenwashing, activists gathered in front of the World Bank building during its annual meetings in protest of continued funding for fossil fuel development. Dressed in the suit-and-tie uniform of the Word Bank executives, members of Oil Change International, Friends of the Earth and other groups cheerfully covered oil barrels and giant lumps of coal with green paint under the banner “World Bank + Climate Investment Funds = Greenwash!”

The Bank has been widely touting its Climate Investment Funds initiative as a step forward in the fight against climate change, claiming that billions have been designated for funding green development and clean technology. The reality is just a bit different: In the last year, lending for coal, oil and gas went up 94% to just over $3 billion. As if that weren’t enough, lending for coal alone has increased by a stunning 256% in the past year. And while bank officials can point to the fact that lending to renewable energy and energy efficiency lending is also up— by 87% —the vast majority of those funds go to support large, environmentally questionable hydropower projects and supply-side energy efficiency.

Clearly, these so-called “Climate Investment Funds” are more about investment than climate. The World Bank must realize that the public sees through its transparent greenwashing, and that in the fight against climate change, action—not lip service—is what counts.

World Bank July 22 2008 Draft Strategic Framework on Climate Change and Development Documents Available

Kenny Bruno — Thu, 31 Jul 2008 15:28:05 +0000

SFCCD part 1 July 22

SFCCD part 2 July 22

SFCCD part 3 July 22

Friends of the Earth Calls on G8 in Japan to Dump World Bank Climate Investment Funds

Kenny Bruno — Mon, 07 Jul 2008 12:59:39 +0000

World Bank support for fossil fuels breaks $2 billion mark

Kenny Bruno — Wed, 02 Jul 2008 17:22:29 +0000

New figures from the Bank Information Center reveal that the World Bank Group’s support for fossil fuels broke the $2 billion mark for the first time in fiscal year 2008, with the lion’s share doled out by the IFC. Fossil fuel financing for the Group as a whole rose 60% from fiscal year 2007 to 2008, while extractive industries financing rose a whopping 119% in the same period.

Chart of World Bank fossil fuel and extractive industry lending 2005-2008

Clean Tech Fund Stalled in US Congress

Kenny Bruno — Wed, 02 Jul 2008 15:50:36 +0000

Congress Daily

Wed. June 25, 2008

HILL BRIEFS

Bush-Backed Energy Fund Stalled By Frank, Pelosi

Citing concerns by House Speaker Pelosi that an international Clean Technology Fund backed by the Bush administration might be used to build coal-burning power plants, House Financial Services Chairman Barney Frank postponed a markup on the bill Tuesday.

The administration’s proposal to contribute $2 billion over three years to the fund, which would be managed by the World Bank to help developing countries adopt cleaner forms of energy, had been approved by the Financial Services Monetary Policy Subcommittee despite strong opposition from environmental activists and some panel members.

Environmentalists say the World Bank has a history of supporting so-called “clean” technology for coal-fired plants that are a big source of global warming emissions.

Frank removed the bill from the full committee’s agenda Tuesday, saying that Pelosi wants to first have discussions about it with Treasury Secretary Paulson.

World Bank Approves Climate Investment Funds

Kenny Bruno — Wed, 02 Jul 2008 15:44:23 +0000

On July 1st, the World Bank approved the Climate Investment Funds and claims that donor countries have committed $4-5 Billion.

But US contributions are far from assured, and will not be appropriated until Spring 2009, at the earliest, making us suspect that the approval was rushed through in order to be able to present this during the upcoming G8 Summit.

See Reuters article:

world-bank-approves-climate-funds-before-g8-summit-tue-jul-1.doc

Groups to Bank: Clean Means Clean

Kenny Bruno — Thu, 05 Jun 2008 21:14:22 +0000

Over 120 groups have a signed a statement opposing the World Bank’s Clean Investment Funds. To see the statement and supporting materials, please visit http://www.endoilaid.org/wbcif

World Bank’s Climate Funds Creating Controversy and Opposition

Kenny Bruno — Mon, 07 Apr 2008 20:04:29 +0000

The World Bank’s proposed Climate Investment Funds (CIF) are stirring controversy among governments and NGOs, largely because of the Bank’s record as the world’s largest multilateral lender for fossil fuels. NGOs are especially concerned that the top-down, donor-driven funds will conflict with and undermine parallel efforts under the auspices of the UN’s Climate Convention.

Bangkok statement on wbg climate funds

World Bank Climate Funds Primer From TWN

Join the Climate Equity Campaign!

Steve Kretzmann — Thu, 28 Feb 2008 18:07:58 +0000

Oil Change International has joined forces with other leading environment and development organizations in the Climate Equity campaign - which includes shifting fossil fuel subsidies as one of its key intiatives. Read more about the campaign and take a moment to join us and get involved!