Is the World Bank springing into action on energy access?

Myself with Melanie Robinson and David Kinder, UK representatives to the World Bank

Sharing our new report with Melanie Robinson and David Kinder, UK representatives to the World Bank

 

Last week I joined hundreds of government representatives, business executives and civil society organizations at the World Bank Spring meetings in Washington. I returned home with the overall impression that the World Bank is taking steps in the right direction on climate change. But this action needs to speed up and scale up to meet the Paris Agreement targets and achieve universal energy access by 2030 (Sustainable Development Goal 7). In particular, the Bank needs to phase out fossil fuels more quickly, and increase investment in renewable energy, with a focus on off-grid sources for the poorest populations living in remote communities.

The situation so far

In 2017 the World Bank President announced the phasing out of finance for exploration for oil and gas after 2019; this was an important step forward, but there were few details given at the Spring meetings last week about how this would be implemented. In the meantime, the Bank continues to invest in fossil fuels. [Read more…]