Ahead of Conference of the Parties, COP27, in Sharm El-Sheikh, Egypt, a nonprofit organization, Glasgow Team and climate activists accuse World Bank of providing $12bn for fossil fuels projects in 35 countries, which had massively contributed to climate change.
This was stated at press a conference held via webinar, with theme 'World Bank's investment in Carbon Capture in Nigeria in Commemoration of 2022 World Habitat Day' where they condemned what they described as false narrative that fossil fuels will bring prosperity.
They said is a harmful distraction from the actual demands of Global South citizens, especially Africans, who want clean, community owned energy.
And further stated that also harmful is the Net Zero lie that "Big Polluters use to continue polluting" while promising unrealistic tree planting schemes that could only feasibly lead to land grabbing.
According them, the World Bank is a major investor of public money into energy projects and sets the norms for other multilateral lenders and crowds in private finance, so it is essential that those running the World Bank acknowledge the real-world impacts of its funding.
Glasgow Action Team is a coalition of civil society organisations/ charities working for climate justice.
Reading the address, Climate activist, Jake Hess, on behalf of others said, "This year's World Habitat Day seeks to draw attention to the growing inequalities and vulnerabilities that have been exacerbated by the triple 'C' crises -- COVID-19, Climate and Conflict, and this is why we have converged here today to call on the World Bank to move from rhetoric to action, and reform its climate policy.
"The World Bank was set up after World War Two to rebuild economies and its stated goals are to end extreme poverty by 2030 and increase prosperity.
"The Bank's failure to tackle climate change is the latest challenge where the Bank has come short and failed to deliver for low-income countries.
"Since the Paris Agreement, the World Bank has provided $12 billion in direct project finance to fossil fuels projects in 35 countries, more than any other multilateral development bank, according to civil society estimates.
"The figure does not include billions more in support of fossil fuels through financial intermediaries, the biggest culprit being the commercial lending arm of the World Bank, the International Finance Corporation (IFC).
"The false narrative that fossil fuels will bring prosperity is a harmful distraction from the actual demands of Global South citizens, especially Africans, who want clean, community owned energy. Also harmful is the Net Zero lie that Big Polluters use to continue polluting while promising unrealistic tree planting schemes that could only feasibly lead to land grabs.
"The World Bank is operating with impunity. The vast proportion of the World Bank's lending and other programme portfolios remain immune from legal action, as does the IMF. This means that its contradictions are not held accountable.
"For example, it continues to invest in fossil fuels which are driving climate change, at the same time as investing in trying to fix the problems caused by climate change, such as investing $10 million into reversing degradation of Lake Chad."
Meanwhile, speaking about their concern about the World Bank's announcement of funding for carbon capture in Nigeria.
"In Nigeria, a current major concern is that the Bank has announced funding for Carbon Capture and Storage, a controversial and unproven technology that claims to store carbon underground, to 'help Nigeria reach its emissions targets', despite criticisms that this techno-fix reinforces fossil fuel dependence.
"The project is geared toward research and piloting.
In his speech at the last UN Climate talks, President Buhari announced that Nigeria would become net zero by 2060, saying "the government is looking for partners, technology, and finance to make cleaner and efficient use of all available resources for a more stable transition in energy markets".
They also warned that, "But it's crucial that the technologies are scientifically proven, given the number of false solutions that are promoted by greenwashing lobbyists and financiers.
Nigeria, as a major oil producer, wants to prolong the status quo as much as possible.
"Last year, the Vice President wrote an article denouncing growing calls for fossil fuel divestment.
"Nigeria's climate policy heavily relies on so-called 'carbon sinks'--meaning the country plans to keep burning fossil fuels, but supposedly remove the emissions after they have been produced (presumably through Carbon Capture and Storage and other unrealistic solutions, like planting trees).
"The risk of carbon capture and storage is that it provides a pretext to continue burning fossil fuels instead of switching to clean energy."
They also pointed that the science is clear on the need to rapidly transit from fossil fuels if there is the will to achieve a safe climate for all.
"Obviously, the fossil fuel industry doesn't want to do that--so they tell us to give them money for carbon capture instead. Carbon capture is a totally unproven solution", the group said.
However, as part of their recommendations, was the absolute stoppage of the World Bank from funding fossil fuels projects: "A Future Fit World Bank must genuinely help to reduce carbon emissions by shifting financing from fossil fuels to renewables and help ensure that new infrastructure benefits local communities and prepares workforces to operate a clean economy.
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"To achieve this the Bank must: Stop using public money to bankroll dirty polluters. Sign the Glasgow Clean Energy statement before the next COP and leave fossil fuels in the ground. Close loopholes allowing private lenders and asset managers to continue extracting and exploiting fossil fuels.
"Align all policies, programmes and projects into a 1.5-degree roadmap with poverty alleviation at its heart. Prioritise investment in Global South renewable energy projects, with civil society input, toward publicly owned, democratically controlled systems that serve the common good instead of private profit.
"Stop hoarding reserves and mobilise $1 trillion in new, genuinely green finance.
Move away from an extractive model of financing towards delivering a just transition, through investments which benefit people on the poverty line instead of the 1%. Evaluate impact through the lens of sustainability, equity and justice. Actively champion an independent body to restructure sovereign debt.
"Raise ambitions so that half of all World Bank financing is on climate adaptation and mitigation, given the scale and urgency of the crisis. Candidates for World Bank Leadership should be accountable and committed to scientific evidence."
