World Bank Climate Policy

World Bank Revises Climate Policy but Continues Fossil Fuel Funding

Valerie Volcovici, Andrea Shalal, Kate Abnett- Reuters (March 31): A revised World Bank policy on climate change commits to making financing decisions in line with efforts to limit global warming but stops short of promising to halt funding of fossil fuels, according to a draft bank presentation seen by Reuters. The World Bank, the biggest provider of climate finance to developing countries, is finalizing a new five-year climate action plan amid growing political momentum in Britain, the United States, and other countries for ending public financing of high-emission fossil fuel projects. In a sharp reversal from the former Trump administration, the United States, the bank’s largest shareholder, is drafting plans under the new Biden administration to end U.S. financing for international fossil fuel projects. Link to Content