Climate warning
Image of World Bank

World Bank

Climate warning

World Bank still backs coal in Asia

Despite its commitments to stop financing coal projects and align with the Paris Agreement, a new report reveals that the World Bank's private sector subsidiary, the International Financial Corporation (IFC), has indirectly financed major coal developments in Asia. The report, authored by Inclusive Development International, Recourse, and Trend Asia, highlights that the IFC invested in banks and financial institutions supporting 39 coal developments in China, Cambodia, and Indonesia, with a capacity of over 68 gigawatts of new coal-powered energy. While the IFC introduced the Green Equity Strategy in 2019, aiming to reduce coal exposure among its client banks, the report argues that "loopholes and gray areas" in the strategy have allowed the IFC's clients to continue funding coal projects.




Do you agree?

139 more agrees trigger scaled up advertising

  • CHRIS NGATIA

    32 w

    They should be ashamed ... They are supposed to be aiding in green energy transitions not coal!!

    2
    • Edwin wangombe

      35 w

      This is unfortunate .. I believe at this age and time such a huge financial institution should not be backing fossil fuels instead should be investing in green energy

      3
      • Esther Wanjiku

        35 w

        This is very unwelcome

        4
        • Kevin

          35 w

          The biggest exchequer still giving support to coal is very preposterous

          5
          • We Don't Have Time

            35 w

            Dear George Kariuki Your climate warning has received over 50 agrees! We have reached out to World Bank by email and requested a response. I will keep you updated on any progress! To reach more people and increase the chance of a response, click the Share button above to share the review on your social accounts. For every new member that joins We Don't Have Time from your network, we will plant a tree and attribute it to you! /Adam, We Don't Have Time

            2
            • winnie nguru

              35 w

              Disappointing to say the least

              3
              • Elizabeth Gathigia

                35 w

                This is very disappointing

                5
                • walter lungayi

                  35 w

                  This is so concerning, especially given its commitments to align with the Paris Agreement. The loopholes and gray areas in the Green Equity Strategy need to be addressed to ensure that the IFC's clients are not indirectly financing environmentally damaging projects.

                  4
                  • rosebellendiritu

                    36 w

                    It's so unfortunate for the bank to be funding fossils instead of focusing on green energy.

                    4
                    • Ann Nyambura

                      36 w

                      Its disheartening to see this.

                      4
                      • Annett Michuki..

                        36 w

                        this is shameful of the bank

                        13
                        • Harrison wambui

                          36 w

                          Does the world bank consider our future

                          14
                        Welcome, let's solve the climate crisis together
                        Post youtube preview with preloading
                        youtube overlay

                        Write or agree to climate reviews to make businesses and world leaders act. It’s easy and it works.

                        Write a climate review

                        Voice your opinion on how businesses and organizations impact the climate.
                        0 trees planted

                        One tree is planted for every climate review written to an organization that is Open for Climate Dialogue™.

                        Download the app

                        We plant a tree for every new user.

                        AppleAndroid