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Briefing Paper Greening Financial Flows: what progress has been made in the development banks?

This week sees the 2017 Annual Meetings of the World Bank Group and International Monetary Fund. A recent E3G briefing finds 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.

Commentary How Walmart beats the World Bank on carbon footprinting

The World Bank is aiming to put 28% of its funding into climate-related projects by 2020. But for all its lofty ambitions, the development bank does not track the greenhouse gas emissions of its portfolio, let alone have a target to reduce them. In this, it is lagging behind major corporations, some of which may make unlikely climate heroes. The bank, which holds its annual meeting in Washington DC this weekend, needs to catch up.

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