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’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’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.
Despite continued public rhetoric about importance of civil society engagement, Bank is yet to commit to holding a public consultation period on its Paris alignment approach.
New World Bank guidance on PPP legal frameworks evidence of institution’s continued reliance on PPPs as key to addressing SDG financing gap despite well-documented failures. Previous World Bank PPP contracts template criticised for incompatibility with human rights norms.
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.
World Bank trust fund ESMAP will provide support for domestic market, while IFC will support private sector investment in CCUS.
World Bank and Inter-American Development Bank's reactive independent accountability mechanisms cannot address harms caused by lack of proper due diligence in Alto Maipo.