An October report by US-based Sierra Club and Oil Change International highlighted that Multilateral Development Banks’ (MDB) overall energy portfolios in most instances did not target energy access for the poor. The report evaluated MDB spending based on five criteria covering energy access and spending on mini and off-grid renewable solutions and found that only one per cent of MDBs’ fossil fuel projects were aimed at increasing energy access for the poor (see Update 68). The report recommended that MDBs increase their funding to at least 50 per cent of their energy portfolio and establish criteria for “energy access” within three years to achieve the goal of universal energy access by 2030.
Heike Mainhardt of Oil Change International said, “Development banks say they want to provide energy for the world’s poorest people, but their actions don’t back up their words. These institutions must do better if we are going to meet the challenge of providing energy access for the poor.”