October 08, 2008
World Bank Group Fossil Fuel Financing, 2004-2008
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.
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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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