A group of 50 NGOs found that bank and subsidiaries had funded oil refinery and gas processing

The Guardian-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.

As the bank is also instrumental in helping to catalyse investment from other donors and the private sector, its direct funding of $14.8bn to fossil fuel since the Paris agreement is likely to be the tip of the iceberg when it comes to assistance to high-carbon development, according to the report published on Thursday.

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Photo: A group of residents on the Salira beach which is located between the Coal Power Plant (CPP) complex in Suralaya, Banten Province, Indonesia, on Monday (13/6/2022). The government continues to build new CPPs in the area with the Java 9 and 10 CPP projects which have now entered the construction stage. Melvinas Priananda/Trend Asia