The World Bank has announced funding for the controversial Southern Gas Corridor, while exiting two other high profile but problematic megaprojects, Inga 3 in Democratic Republic of Congo and Simandou in Guinea.
Other International Financial Institutions
A revised Clean Technology Fund (CTF) pipeline management and cancellation policy has been approved. A document outlining further details on the proposed “CTF 2.0” will be discussed. Approval for reallocation of funds for a Morocco project was challenged by Germany and the decision postponed.
Pipeline management and cancellation policies are in preparation for the Pilot Program for Climate Resilience (PPCR) to address funding constraints, with no funding available for new pilot countries’ projects. Questions were raised about gender impacts for a renewable energy project in Mozambique.
Challenges in measuring progress were noted for the Forest Investment Program (FIP), in particular greenhouse gas accounting. Investment plans for Mozambique and Ivory Coast have been approved. Questions were raised over the reasoning for a commercial teak plantation project in Ghana.
A new a new Enhanced Private Sector Program for the Scaling up Renewable Energy Program in Low Income Countries (SREP) is due to discussed. Cambodia’s investment plan has been approved. Social, environmental and financial risks related to a Nicaragua geothermal project were raised.
New edition of the Bretton Woods Project's biannual Climate Investment Funds (CIFs) Monitor, including an update on the Green Climate Fund, published to coincide with the World Bank-hosted CIFs trust fund committee meetings.
Report finds Development Finance Institutions (DFIs) are not doing enough to eliminate the risk of public money being complicit in tax avoidance schemes.
The World Bank is set to reappoint president Jim Yong Kim for another five year term, despite persistent concerns from Bank staff and renewed calls for a merit-based process based on principles of transparency and diversity.
The World Bank has announced its intention to fund the Azerbaijan and Turkey part of the Southern Gas Corridor to Europe, despite concerns over the geopolitical context and fossil fuel dependency.
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World Bank-hosted CIFs trust fund committee meetings.
The World Bank has signed a co-financing agreement with the Asian Infrastructure Investment Bank, while former Bank staff join the new institution.
The upcoming Clean Technology Fund (CTF) resource shortfall continues to raise concerns. A proposal for “CTF 2.0” will be discussed, including two proposed modalities: CTF Green Markets and the Risk Mitigation Facility. Concerns were raised over safeguards for a geothermal energy project in Indonesia.