World Bank Plans Climate Shift but no Fossil Fuel Halt: Report
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 the funding of fossil fuels-
The World Bank, the biggest provider of climate finance to developing countries, is finalising a new five-year climate action plan amid growing political momentum in the United Kingdom, the United States and other countries for ending public financing of high-emission fossil fuel projects.
World Bank board members from Europe urged the bank’s management in February to use the new climate plan to halt all investments in oil and coal-related projects and to gradually phase out investment in natural gas projects. The draft presentation did not include these commitments.