World Bank's due diligence processes highly suspect as it invests a quarter of a billion dollars in Nigerian Seven Energy, where several individuals associated with the company’s flagship contract are now either on the run or charged with money laundering.
International Finance Corporation announced new ‘green equity’ policy to encourage financial intermediaries to divest from coal, while Bank pulled plug on mooted Kosovo coal project.
This Inside the Institutions looks at the role of the World Bank in carbon finance initiatives
Bank approves $35 million development policy loan to help Guyana commence offshore drilling, amidst CSO legal challenge to offshore drilling permits
EBRD approves €500 million loan for TAP, as Italy announces it will review its support for project
GCF’s permanent trustee will chosen through open bidding process with final decision expected to be taken in October
Despite World Bank's One Planet Summit announcement that it will stop funding oil and gas extraction after 2019, it still has much to do to fully decarbonise its lending portfolio.
CAO audit finds IFC failed to identify gaps in project’s social and environmental assessment, while communities impacted by the project face impacts on water source, livelihoods and levels of violence.
Civil society organisations call on World Bank Group to do more to prioritise forests and forest peoples’ rights.
Lack of progress on Loss & Damage finance at global climate talks means climate insurance remains default option to mitigate losses from climate change.