A new database catalogues World Bank projects since 1992 which have involved fossil fuels. Produced by the Institute for Policy Studies, it catalogues 200 projects, with over $20 billion of World Bank investment. For each project the anticipated lifetime greenhouse gas emissions are calculated. IPS points out that the efforts of the World Bank-hosted Global Environmental Facility in backing alternative energy and energy efficiency projects are dwarfed by the Bank’s traditional energy sector investments. “From the local level to the global level investment in oil, gas and coal is destabilizing for all of us,” says IPS‘s Daphne Wysham.
World Bank & IMF in the news
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.