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WASHINGTON, D.C. Today, the World Bank Group released its new Climate Change Action Plan 2021-2025, which sets target timelines to align its operations with the Paris Agreement, and sets targets to increase climate finance. The plan also commits to support countries on a just transition away from coal and to reduce emissions across sectors.
The Bank’s first Climate Change Action Plan in 2016 laid out actions to expand climate investments in developing countries, but did not commit the Bank to eliminate fossil fuels from its portfolio.
The World Bank Group is the largest source of climate finance to developing countries. It also provides more support to fossil fuels than any other multilateral development bank, most of it to gas. Fossil gas, the fastest growing source of fossil fuels emissions globally, made up more than 75 percent of known fossil fuel support from multilateral development banks in 2020.
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Oil Change International
FOR IMMEDIATE RELEASE
Bronwen Tucker, Oil Change International: bronwen[at]priceofoil.org
Kate Geary, Recourse: kate[at]re-course.org
Jacey Bingler, Urgewald: jacey[at]urgewald.org
Civil society organizations react to World Bank Climate Change Action Plan’s failure to end finance for fossil fuels
Today, the World Bank Group released its new Climate Change Action Plan (CCAP) for 2021-2025.
The CCAP represents a colossal failure to end the Bank’s long-standing support for fossil fuels.
The Bank has also rejected requests from civil society and World Bank shareholders for a public consultation on a full draft of the plan. The World Bank’s press release notes the Bank, “will regularly update its Board on the implementation of the Action Plan,” without providing further details of what aspects of the plan it will report on.
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