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by The Big Shift Global category: Environment
On the 12th of December 2017, the second anniversary of the Paris climate agreement, the World Bank is launching a new platform: #Invest4Climate to mobilise finance for climate action. However, despite its commitment to the Paris agreement, the World Bank and other development-finance institutions continue to use tax payers’ money to support fossil-fuel projects. In fact, the financing of fossil fuels has increased since the Paris agreement was reached.
These institutions are not ‘greening’ their investments fast enough. If the World Bank is serious about tackling climate change, it needs: to change its policies on energy investment urgently, to move towards investing solely in renewables, and to provide much greater support for energy access.
The Big Shift Global
The Big Shift Global is a global open source campaign coordinated by organisations from the Global North and South. Together, we aim to create public pressure on Multilateral Development Banks (MDBs) and their member countries’ Heads of State and Finance Ministers to make the shift to clean, renewable energy and its access.