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The UK’s Co-operative Bank announced in April that it will not hold investments in the IFC because of its contribution to climate change. “We’ve looked at the recent investments of the [IFC] and conclude that there is an unhealthy focus on fossil fuel technologies. Henceforth, we will withhold investments until such time as renewable technologies are much better supported”, said Paul Monaghan, head of sustainable development at the Co-op Bank. Industry monitors estimate that the IFC was the world’s largest multilateral financier of fossil fuel extraction in 2005, devoting a mere four per cent of its energy lending to renewables. It has no concrete goals for increasing such financing.