Time and again, the World Bank says it wants to embrace the Paris climate goals and help reduce greenhouse gases. Unfortunately, the analyses of the expert and Urgewald staff member Heike Mainhardt show a different picture: Of the currently budgeted World Bank funds for energy projects, 21 billion US dollars flow into fossil energy sources - only one third of this, 7 billion US dollars, flow into climate-friendly energy sources such as wind or solar power.
African continent: Financing for fossil fuels four times as high
For the African continent, the results are even more shocking: In the World Bank's current portfolio, financing for fossil fuels ($10 billion) is even four times as high as that for climate-friendly energy sources ($2.5 billion).
Radical change of course necessary!
As long as the World Bank continues to promote fossil fuels, the World Bank Group's many efforts for alternative energy models will not be enough to achieve the 1.5 degree Paris target. Instead, the Bank should initiate a holistic, even radical change of course!
