The Dirty Truth Behind the World Bank’s ‘Commitments’ on Climate Change

‘The negative development impact of the International Finance Corporation’s (IFC, the World Bank’s private sector arm) investments in financial intermediaries (FIs) has once again been brought to light (see Observer Spring 2014). An October 2016 report, Disaster for us and the planet, by US-based NGO Inclusive Development International (IDI) and partners, provided evidence that “IFC-supported financial institutions have funded at least 41 new coal projects … since the World Bank announced its coal ban in 2013”.
While the IFC has claimed that the concerns of civil society organisations have largely been addressed through its response to previously highlighted harmful projects that it funds, the report demonstrates that the IFC remains exposed to highly damaging projects.’
Read more: The Dirty Truth Behind the World Bank’s ‘Commitments’ on Climate Change