Despite growing focus on climate issues, both institutions have backed controversial Mozambique LNG project.
New energy policy sees European Investment Bank end support for unabated coal, oil and gas from 2021.
Fund and central banks increasingly pondering macroeconomic policies to tackle climate risks.
IFC equity investment linked to development of key Brazilian transport corridor, leading to accelerated deforestation in the area.
Fund turns its attention to carbon pricing to support Paris Agreement alignment, as climate vulnerable countries see rising cost of climate impacts.
As climate crisis deepens, IFC’s Green Equity Strategy faces delay from World Bank’s Board, with CSO activists calling Board’s foot-dragging a ‘scandal’.
This briefing emphasises the interdependence between the SDGs and the Paris Climate Agreement, in terms of ensuring that all new infrastructure is climate resilient and aligned with the low- or zero-carbon pathways required to avert catastrophic climate change – which would render achieving the SDGs impossible.
Bank releases new targets for 'climate-related investments' between 2021-2025, but fails to introduce new restrictions on fossil fuel finance.