{"id":45397,"date":"2019-04-15T12:01:01","date_gmt":"2019-04-15T17:01:01","guid":{"rendered":"https:\/\/olduvai.ca\/?p=45397"},"modified":"2019-04-15T12:01:04","modified_gmt":"2019-04-15T17:01:04","slug":"world-bank-criticised-for-coal-oil-and-gas-funding","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=45397","title":{"rendered":"World Bank criticised for coal, oil and gas funding"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.climatechangenews.com\/2019\/04\/12\/world-bank-criticised-coal-oil-gas-funding\/\">World Bank criticised for coal, oil and gas funding\u00a0<\/a><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">While the influential development bank has scaled up clean energy finance, fossil fuels are still getting a larger share of support, campaigners found&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.climatechangenews.com\/files\/2019\/04\/189-1.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The World Bank is supporting the controversial Trans Anatolian Pipeline gas project (Pic: Tanap)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The World Bank Group faces criticism for continuing to back fossil fuel development, despite moves to&nbsp;clean up its portfolio.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It has earned&nbsp;green&nbsp;credentials&nbsp;for ending direct lending to coal-fired power plants,&nbsp;promising to axe support for oil and gas exploration and increasing its clean energy budget.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet over the last five years, the group\u2019s support to&nbsp;oil and gas actually increased, while coal benefitted from indirect subsidies, according to&nbsp;<a href=\"https:\/\/urgewald.org\/sites\/default\/files\/World_Bank_Fossil_Projects_WEB.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">analysis<\/a>from&nbsp;German NGO Urgewald.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The study, which covers 675 active investments, found $21 billion&nbsp;is going towards fossil fuels. While&nbsp;clean energy finance grew rapidly from 2014-18, it&nbsp;has yet to catch up. The equivalent figure is $7bn or $15bn, depending on the inclusion of large-scale hydropower and other projects with disputed environmental benefits.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cIt is a big disappointment to find that the World Bank Group continues to provide such vast amounts of public finance for fossil fuels,\u201d said report author Heike Mainhardt. \u201cThe bank thereby completely undermines its own efforts for renewable energy sources as well as the Paris climate goals.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A spokesperson for the World Bank&nbsp;defended its record, saying the Urgewald report \u201cpaints a distorted picture of our energy sector work\u201d.&nbsp;The inclusion of \u201clegacy projects where financing was approved many years ago\u201d&nbsp;means it \u201cdoes not reflect the substantial changes that have happened in World Bank energy financing over the past decade,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In&nbsp;the last fiscal year, the bank approved $20.5 billion in finance for climate action, he added, meeting a 2020 target two years ahead of schedule.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00a0\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>World Bank criticised for coal, oil and gas funding\u00a0 While the influential development bank has scaled up clean energy finance, fossil fuels are still getting a larger share of support, campaigners found&nbsp; The World Bank is supporting the controversial Trans Anatolian Pipeline gas project (Pic: Tanap) The World Bank Group faces criticism for continuing to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,4],"tags":[141,22759,22760,888],"class_list":["post-45397","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-environment","tag-climate-change","tag-climate-home-news","tag-natalie-sauer","tag-world-bank"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45397"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45397\/revisions"}],"predecessor-version":[{"id":45398,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/45397\/revisions\/45398"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45397"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45397"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}