World Bank Group Fossil Fuel Financing, 2004-2008
By Elizabeth Bast, Elena Garabizza, Stephen Kretzman, Janet Redman
From the report "Dirty is the New Clean," new facts about the World Bank Group’s lending to coal, oil, and gas which is up 94% from 2007.
Relying exclusively on the World Bank’s own figures, our analysis shows World Bank Group lending to coal, oil, and gas is up 94% from 2007, reaching over $3 billion. Coal lending alone has increased an astonishing 256% in the last year.
By comparison, the Bank reported that renewable energy and energy efficiency lending is up 87%, with the vast majority going to support large hydropower projects and supply-side energy efficiency. Only $476 million went this year to support “new renewables”. That represents only a 13% increase over last year’s $421 million, according to the Bank’s own number.
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