
Download letter: World Bank Group finance involving Russia and Belarus
The 2022 Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group (WBG) is taking place from Monday, April 18, through Sunday, April 24. Most of the events – including the public events, invitation-only events, Civil Society Organization engagements, and press conferences – will be virtual. But even the following week meetings will take place.
The burning of fossil fuels is the biggest contributor to the climate crisis. Yet, the World Bank is still using its public funding to drive billions and billions into fossil fuel investments, including coal. Since the Paris Agreement, the World Bank has provided $12 billion in direct project finance to fossil fuels, more than any other multilateral development bank. The figure does not include billions more in support to fossil fuels through policy based lending and financial intermediaries. Check out Urgewald’s latest case studies on Suriname (oil) and Pakistan (coal).
Another important issue with regard to the war on Ukraine: the World Bank Group’s finance involving Russia and Belarus. We support the efforts of CEE Bankwatch, Ukrainian NGO Ecoaction and Urgewald’s joint letter to WB Executive Directors, urging them to stop equity investments, trade finance and guarantees involving entities linked to Russia and Belarus.
Download letter: World Bank Group finance involving Russia and Belarus