Despite the World Bank’s commitment to move away from funding coal, a series of loopholes in its financial intermediary lending remain that will continue to allow finance to support coal power projects.
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
World Bank’s commercial insurance arm provided nearly $850 million in guarantees for gas projects in Bangladesh and Mozambique in fiscal year 2022.
Chad has reached an agreement to restructure its nearly $3 billion of external debt, unlocking IMF financing, but the deal has been criticised for failing to reduce the country’s overall debt burden.
Loophole in renegotiated Energy Charter Treaty could see companies sue countries for losses related to fossil fuel projects until 2033.
Pakistan increases fuel prices in effort to meet IMF conditions, while cost of importing LNG surges.
UN official and civil society criticise World Bank and other MDBs for lack of ambition at COP26.
Plan lacks detail in key areas, including concrete commitments to end fossil fuels support.
Civil society voices concern about continued support for fossil gas under the policy.
Alex Mould says guarantee included commitment to sign four ‘take or pay’ contracts with independent power producers.