The World Bank must stop funding fossil fuels15 April 2013
We spend $1.9 trillion globally every year supporting fossil fuels.
This figure from a recent IMF report may even be an underestimate.
These fossil fuel subsidies prop-up dirty energy that keeps us hooked on oil and gas. This increases the urgent risks of climate change, and make it harder for clean energy projects to succeed.
The World Bank currently uses billions of dollars of public money on funding fossil fuel projects around the world .
A global call
Environmental, development, faith, human rights, and community groups have united to ask the World Bank to end its fossil fuel projects.
Their letter explains that fossil fuel subsidies:
- Increase the risks of devastating climate change and its impact on vulnerable communities
- Fail to provide energy for the world's poor
- Worsen existing inequalities and create further health, development and environmental problems.
Don't fund it, fix it
It is clear now that smaller, off-grid energy projects are the most effective at getting energy to poor communities, while tackling catastrophic climate change.
Our report on Global Feed in Tariffs in Africa shows that it's possible to deliver clean energy to some of the poorest people in the world. All it requires is political will.
See the full letter here and stay up to date through our international climate hub.
© Friends of the Earth
