- Released August 27, 1997
The World Bank and the G-7: Changing the Earth's Climate or Business
By Jim Vallette and Daphne Wysham
An overview of World Bank fossil fuel financing from 1992-97
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.