This October, decision-makers of the World Bank Group will be in Washington DC for their in-person Annual Meeting. We will be there to greet them loudly with the message:
World Bank: Exit Fossil Fuels Finance Now!
Join the Big Shift Coalition and partners for a rally and march in Washington, DC. We call on the World Bank Group to stop financing and enabling fossil fuels around the world, and to redirect this money towards a just green transition!
Friday, October 14, 2022 at 12 noon!
Meet at Edward Murrow park address across from the World Bank building at 1818 H Street NW, Washington DC
PLEASE REGISTER YOUR ATTENDANCE TROUGH THIS FORM TO RECEIVE UPDATES FROM THE ORGANIZERS
Join us to:
Hear from individuals from impacted communities in the Global South
Receive an awesome T-shirt
See larger-than-life visuals
Listen to live music
Hold decision makers accountable for using public money to burn the planet!
For more information, visit: https://worldbankactionday.org/
For questions, please email: Luisa at labbottgalvao@foe.org
Background and why we are organizing:
Our planet has to be spared from burning fossils - NOW.
Since the Paris Climate Agreement (2016-2020), the World Bank has provided:
$12 billion in direct project finance for fossil fuels in over 35 countries ;
$10-$20 billion annually given as government budget support – representing a huge fossil fuel loophole as the World Bank does not restrict spending on fossil fuels, including coal expansion. From 2016 to 2019, 81 countries received budget support;
Billions more in fossil fuel-enabling infrastructure, such as transmission lines to evacuate power from new coal-fired plants (examples include: in India, Indonesia, and Pakistan mega coal power projects would not have gone forward without the World Bank-funded transmission lines);
Fossil-friendly policy reforms in at least 18 countries that increased fossil fuel profits – driving billions into new fossil fuel investments, examples include, inter alia: tax breaks for coal and gas in Mozambique; tax breaks favoring oil and coal in Colombia; and higher electricity tariffs resulting in higher profits for new coal-fired plants in Pakistan;
Technical assistance in over a dozen countries aimed at increasing fossil fuel investments. Yesterday’s technical assistance is today’s mega fossil fuel project, examples include, inter alia: Pakistan’s Thar lignite coal fields – the largest in Asia; Mozambique’s coal and liquified natural gas (LNG) blocks; and Brazil’s pre-salt offshore oil fields.
The World Bank must get out of all fossil fuels now, including:
Stop financing all fossil fuel projects (coal, oil and gas) and enabling infrastructure, including through financial intermediaries (i.e., on-lending through banks and equity funds).
Stop allowing billions in budget support to be used for fossil fuel expansion.
Stop fossil-friendly policy reforms, including tax breaks and increasing tariffs to cover higher profit margins and capacity payments for new fossil fuel power plants.
Stop all technical assistance for fossil fuel expansion, including geodata, transaction advisory, and policy formation.
Donor governments should not consider a World Bank-suggested capital increase for climate finance until the World Bank ends all fossil fuel assistance. Redirect the tens of billions in fossil fuel assistance to climate finance first.