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Institute for Policy Studies
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    • Released December 2, 1997
    The European Bank for Reconstruction and Development: Fueling Climate Change
    By Jim Vallette and Daphne Wysham

    THE EBRD is ensuring the flow of oil and gas to Western Europe and Japan,while making oil and gas less accessible to regions of Eastern Europe. It is investing in new oil and gas reserves, while laying waste to some of the most remote regions of the planet. It is a significant contributor to climate change, and is providing scarce development dollars to some of the wealthiest corporations on the planet.

  • The World Bank and the G-7: Changing the Earth's Climate or Business
    By Jim Vallette and Daphne Wysham

    This report extensively documents the actual fossil fuel projects financed by the World Bank and their greenhouse gas emissions, starting in 1992 at the Rio Earth Summit, through 1997. It finds that the World Bank supported projects that will add carbon emissions to the Earth’s atmosphere equivalent to more than all current annual global fossil fuel emissions. It also funds that, although earmarked for development assistance and poverty relief, 9 out of every 10 World Bank fossil fuel investments actually end up enriching multinational corporations based in the powerful G-7 countries. The poorest one-third of the planet get less than one-tenth of the World Bank's energy investments while absorbing most of the environmental and social costs of fossil fuels.

     

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