This page is part of the E3G Public Bank Climate Tracker Matrix, our tool to help you assess the Paris alignment of public banks, MDBs and DFIs.
| Paris alignment | Reasoning |
|---|---|
| Unaligned | For every $1 the IBRD & IDA provide to fossil fuels, $1.2 goes to renewables & $0.8 & $2.0 goes to Transmission & Distribution (T&D) respectively, between 2016-2018 |
Explanation
For every $1 the IBRD & IDA provide to fossil fuels, $1.2 goes to renewables & $0.8 & $2.0 goes to T&D respectively, between 2016-2018. This suggests that fossil fuels are given an equivalent prioritisation to renewables within the bank.
The World Bank has met its internal climate finance target of 28% by 2020, and is now moving to an absolute quantitative target.
The World Bank has seen a large increase in adaptation financing as a percentage of its total portfolio. In 2018, adaptation financing almost equalled the level of mitigation financing at the World Bank.
Recommendation: Scale up climate investment in the energy sector to ensure fossil fuel lending is at zero across a 3-year period
Oil Change International (2018) Shift the Subsidies database
Joint Report on Multilateral Development Banks Climate Finance (2019,2018,2017,2016,2015,2014,2013)
World Bank (2019) World Bank Climate Finance
Last Update: November 2020