The moment has come: today Ajay Banga takes office as World Bank President. The U.S. nominated the top executive at the end of February following the surprise resignation of David Malpass. Since the founding of the Bretton Woods institutions, as the World Bank and International Monetary Fund (IMF) are known, it has been accepted that the U.S. appoints the head of the World Bank, while European countries pick the leader of the IMF. This undemocratic practice continues to this day. There was no opposing candidate – let alone a female opponent. Despite strong criticism from civil society, on May 3, the 25 World Bank Executive Directors from the 189 member countries, including Germany, cleared the way for Banga after he had spent the last months holding talks in many countries.
The environmental and human rights organization Urgewald together with 14 NGO partners published a comprehensive update of the AIIB-Watch. The website examines the projects of the Asian Infrastructure Investment Bank (henceforth: “AIIB”) for human rights violations, forced resettlement and environmental damage. An interactive map lists a total of 24 cases where the AIIB is failing to meet key protection standards.
New research shines a spotlight on the investors behind the fossil fuel industry. The Investing in Climate Chaos website features over 6,500 institutional investors whose holdings of bonds and shares in fossil fuel companies total US$ 3.07 trillion.
European banks have poured US$1.3 trillion into fossil fuels since the Paris Agreement was adopted, carrying on financing the expansion of fossil fuels, despite their own net zero pledges.
Investors and banks still holding onto Wintershall Dea, despite its continuous operations in Russia and no plans to transform its obsolete 100% fossil business model
Ukrainian and German NGOs publish research on the financing of Wintershall Dea’s oil and gas business
Financial institutions called out to cut ties with Wintershall Dea – also in view of potential IPO