It turns out that the World Bank invests billions in fossil fuel projects, and many investments are made in a non-transparent manner. This situation must change
The World Bank, like any major financial institution, influences the global economy and rapid global warming.
As part of the efforts to prevent dangerous warming and achieve the goals of the Paris Agreements, the World Bank is expected to invest in essential environmental projects. But in practice, it turns out that the bank is still investing in a large number of mineral fuel projects, which may cause major environmental damage.
Anyone who deals with environmental and climate issues knows that environmental projects and actions to prevent warming cost millions of dollars, but in the end they save disasters and show a clear economic profit.
To meet the warming limit set at 1.5 degrees in the Paris Agreements in 2015, a large investment of resources is required. The World Bank is the body that facilitates investments, so it was expected to see many investments in projects to mitigate the warming. But it turns out that this is not the case, because the World Bank invests billions in fossil fuel projects, and many investments are made in a non-transparent manner. This situation must change!
In the new road map, the bank emphasizes the need to address climate change and warns against various effects such as floods, periods of drought, locust invasion and damage to millions of lives. The bank notes that investments are needed to prevent warming and to comply with the high warming limit established in the Paris Agreements.
But there was no reference to the ongoing financing of mineral fuel projects. The calculations of the "International Energy Agency" show that in order to comply with the Paris Agreements and not to exceed the established warming threshold (1.5 degrees above the figure on the eve of the industrial revolution), it is necessary to stop investing in new ventures of mineral fuel). Therefore, this lack of transparency may be important and should be noticed in all the bank's decision-making systems and in the projects in which it invests.
More of the topic in Hayadan:
