Climate and International Financial Institutions

Climate and international financial institutions

Capitalizing on climate: The World Bank's Role in Climate Change & International Climate Finance
A report published by FoE United States in June 2010 examines the various, and often contradictory, roles played by the World Bank – a major climate polluter and driver of deforestation, an institution attempting to address climate change, a political tool used by developed countries in UN climate negotiations to maintain control over international climate finance, a supposed defender of developing country interests, and an institution asserting itself to capture as much short term (and, by extension, long term) climate finance as possible.
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World Bank urged to stop dirty business
A meeting of the World Bank in Brussels was targeted by campaigners on May 27th 2010 urging it to stop financing fossil fuel projects. Activists gathered outside the meeting at which bankers, EU officials, industry representatives and other stakeholders were discussing the future of the bank’s energy lending. They staged a peaceful 'black comedy' and handed out dirty contracts for so-called 'clean coal' to expose the disastrous impacts of the bank’s financing on climate change and the world’s poorest people. Civil society representatives later went inside to participate in the consultation.
Read the press release

The World Bank
The World Bank is setting itself up to become the world's climate banker. But at the same time, the World Bank is the largest multilateral lender for oil and gas projects and a major deforester, fueling climate change.
The World Bank spends some $1 billion per year on the oil and gas industry.  And these projects don’t increase poor people’s access to energy. More than 80% of all oil projects financed by the World Bank are for export back to wealthy Northern countries. Meanwhile, pollution and social conflicts surround these projects.
Friends of the Earth international has been tackling the World Bank's role in climate finance.
Read an overview of FoEI activities

European Investment Bank
In spite of the clear evidence of the climate change challenge, and despite the challenge the EU's targets pose for its member states - especially the new member states in the east - analysis from CEE Bankwatch reveals that the EIB continues to heavily support fossil fuels while its lending for renewable energy maintains a promising, if only rather steady, share. The vast potential for energy efficiency (and also some renewables) in the countries of central and eastern Europe is not, however, being well served by EIB energy investments. Other than the clear implications for climate mitigation, EIB reluctance to date to channel billions into clean energy initiatives in this region is hindering not only energy security but also the creation of new jobs and economic prosperity.
Download the report