World Bank spent billions of dollars backing fossil fuels in 2022, study finds

An oil flow station operated by Shell in Port Harcourt, Nigeria. Oil extraction in the country is likely to benefit from trade finance supplied by the World Bank. Photograph: Bloomberg/Getty Images

The World Bank poured billions of dollars into fossil fuels around the world last year despite repeated promises to refocus on shifting to a low-carbon economy, research has suggested.

The money went through a special form of funding known as trade finance, which is used to facilitate global transactions.