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The Guardian - UK
The Guardian - UK
Business
Fiona Harvey Environment correspondent

World Bank ‘has given nearly $15bn to fossil fuel projects since Paris deal’

World Bank David Malpass Paris Oxfam World Bank Group Oil
The World Bank president, David Malpass, at the Stanford Institute for Economic Policy Research
The World Bank president, David Malpass, at the Stanford Institute for Economic Policy Research (SIEPR) in September. Malpass has been criticised for his lack of action on climate. Photograph: Justin Sullivan/Getty Images

The World Bank has provided nearly $15bn of finance directly to fossil fuel projects since the Paris agreement was signed in 2015, and is likely to have spurred far greater investment indirectly, new research has found.

Funding for “upstream” oil and gas projects from the World Bank was meant to stop from 2019, but the Big Shift Global, a coalition of more than 50 NGOs, has found the bank and its subsidiaries funding oil refinery and gas processing since then.

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