- Released April 1, 2004
Tug of War
By Stephen Kretzman and Jim Vallette
The Winners and Losers of World Bank Fossil Fuel Finance
This report looks at the leading corporate beneficiaries of World Bank fossil fuel finance — Halliburton, Chevron, Shell, Total, Exxon, etc. — and makes clear the quid pro quo involved in these investments: We find that 82% of all World Bank oil projects are for export back to the wealthy Northern countries.