World Bank’s commercial insurance arm provided nearly $850 million in guarantees for gas projects in Bangladesh and Mozambique in fiscal year 2022.
Pakistan increases fuel prices in effort to meet IMF conditions, while cost of importing LNG surges.
World Bank’s support for fossil fuel projects, including problem-riddled Medupi coal power station, leaves its reputation in tatters with South African civil society.
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
World Bank’s backed energy reforms in Nigeria set to raise electricity prices further despite amid Covid-19 pandemic.
Move comes after concerted civil society campaign calling for ‘fossil-free EIB’.
Bank support facilitated $1 billion in private investment in LNG on the island, despite the green credentials of natural gas being widely debunked.
The Bank’s new Africa energy strategy offers it an important chance to mainstream achieving SDG7 into its energy lending on the continent.
New energy policy sees European Investment Bank end support for unabated coal, oil and gas from 2021.
Bank’s $3.75 billion loan in 2010 has failed to deliver reliable energy to South African users, despite eye-watering cost overruns.