World Bank Gave $21 Billion Support to Fossil Fuels Over Four Years — Report

Source: Desmog UK

 

Read time: 4 mins

By Natalie Sauer for Climate Home News

The World Bank Group faces criticism for continuing to back fossil fuel development, despite moves to clean up its portfolio.

It has earned green credentials for ending direct lending to coal-fired power plants, promising to axe support for oil and gas exploration and increasing its clean energy budget.

Yet over the last five years, the group’s support to oil and gas actually increased, while coal benefitted from indirect subsidies, according to analysis from German NGO Urgewald.

{{original_post_url}}