E3G’s recently launched briefing shows that, while some multilateral development banks are making good progress on climate action, many are still financing billions of dollars in fossil fuel projects, despite mounting climate impacts and global commitments like the Paris Agreement reached in December 2015.
This week sees the annual meetings of the World Bank Group and the International Monetary Fund. It also marks the launch of two new briefings – by E3G and Oil Change International – that show, when it comes to scaling up climate finance, the development banks are far from making sufficient progress. The briefings are part of The Big Shift Campaign, a global effort composed of dozens of civil society organisations that encourage government-backed multilateral development banks to reinforce the aims of the Paris Agreement and commit to a shift from fossil fuel finance to clean energy finance.
Helena Wright, one of the Senior Policy Advisors at E3G, will be in Washington D.C. this week, taking part in a variety of activities, attending World Bank Annual Meetings and speaking about E3G’s work on greening financial flows and sustainable infrastructure. In fact, just last night President Jim Yong Kim committed the World Bank to report on portfolio emissions from next year. This was the first ask from the Big Shift Global campaign. Hopefully, the rest of the week will see more positive announcements.