Loophole in renegotiated Energy Charter Treaty could see companies sue countries for losses related to fossil fuel projects until 2033.
Fossil fuels
Finance
News
Restart of Pakistan’s IMF loan agreement collapses with change in government, as soaring costs of IFC-supported LNG add to fiscal pain
Pakistan increases fuel prices in effort to meet IMF conditions, while cost of importing LNG surges.
Infrastructure
Analysis
World Bank announces support for CCUS in Nigeria despite criticisms it reinforces fossil fuel dependence
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
Environment
News
World Bank accused of being ‘ongoing underperformer’ at COP26, as key Bank shareholders commit to fossil-fuel finance phaseout
UN official and civil society criticise World Bank and other MDBs for lack of ambition at COP26.
Infrastructure
News
New US treasury guidance introduces limits for US support for fossil fuels at World Bank
Civil society voices concern about continued support for fossil gas under the policy.
Infrastructure
News
Former Ghana national oil company head links World Bank’s Sankofa guarantee to gas power plant deals
Alex Mould says guarantee included commitment to sign four ‘take or pay’ contracts with independent power producers.
Environment
News
World Bank’s new Climate Change Action Plan fails to deliver much-needed transformative agenda
Plan lacks detail in key areas, including concrete commitments to end fossil fuels support.
Environment
News
World Bank's oil revenue outlook for Guyana at odds with climate action
Bank’s lofty projections for oil-based growth contradict more sober estimates that account for uncertainty in sector.
Finance
Analysis
Fracking’s false hope: Why fossil fuels won’t help to repay Argentina’s national debt
Argentina’s strategy to increase fossil fuel exports to ease debt burden ignores need for increased state investments and climate commitments.
Infrastructure
Analysis
Ghana’s Sankofa gas project - backed by World Bank - brings fiscal pain
Ghana left with $250 million bill for unused gas in 2019 primarily due to ‘take or pay’ clause in Bank-supported PPP contract.
Featured briefings
6 October 2022
World Bank and IMF Annual Meetings 2022
4 October 2022
The Bretton Woods Observer: Autumn 2022
4 October 2022
Monetary power and sovereign debt crises: The renewed case for a sovereign debt restructuring mechanism
The sovereign debt crises threatening states in the Global South are less about fiscal mismanagement and more about monetary power in the global currency hierarchy.