Your letter will be delivered to World Bank President David Malpass and its Executive Directors:
Dear President Malpass and World Bank Group Directors,
I am writing to add my voice to call for a ‘whole-of-institution’ commitment from the WBG to end all types of financial and policy support for fossil fuels.
The UK, EU, and US have all made commitments to phase out fossil finance in the past few months, with explicit commitments to pursue diplomacy to encourage others to do the same. The European Investment Bank, announced its own fossil fuel exclusions in 2019. The WBG is now lagging behind on its commitments to reduce greenhouse gas emissions.
I call on the World Bank to make the following commitments and apply them transparently across its lending, including economic stimulus packages in response to the COVID-19 crisis:
- End all support to fossil fuels — including gas — as soon as possible. This means ending both direct and indirect finance for fossil fuels, including through budget support, ‘associated facilities,’ and financial intermediaries.
- Rapidly scale up investment in energy access and a just transition. The World Bank should align all its lending and operations with high-probability pathways to 1.5°C and universal energy access. It should commit to delivering at least 75 million off-grid connections by 2025.
The WBG must implement a ‘just recovery’ strategy to the COVID-19 and climate crises that is people-centered, and helps developing countries align with the SDGs and the Paris Climate Agreement. The WBG has a significant role to play to set an example for other public development banks on debt, on promoting a just recovery, ensuring energy access for all and in ending all fossil fuel finance.