Watchdog Slams World Bank Group for Helping Bankroll Philippines Coal Boom
MANILA, Philippines – The World Bank Group’s private lending arm, the International Finance Corporation (IFC), violated its own environmental and social protection policies as it helped bankroll a disastrous coal boom in the Philippines, according to an independent investigation made public today. In its report, the IFC’s internal watchdog, the Compliance Advisor Ombudsman (CAO), calls […]
Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal
Rizal Commercial Banking Corporation (RCBC) made the announcement after years of pressure from climate activists in the Philippines and an investigation of the bank’s practices by one of its most prominent shareholders, the World Bank Group’s International Finance Corporation. “[N]o more coal. I’ll say that slowly: no more coal,” said the bank’s president and CEO, Eugene Acevedo, at […]
Saying no to coal: IFC’s new Green Equity Approach unveiled
The World Bank’s private lending arm has unveiled its new approach to greening equity investments in financial institutions. The International Finance Corporation (IFC) says it will end equity investments in financial institutions that do not have a plan to phase out investments in coal-related activities. The “30 by 30 Zero Program” aims to help the banking […]
Opinion: Can the World Bank clean up its fossil fuel problem? | Devex
The IFC’s Green Equity Strategy could be a pivotal engine for transformation — if it truly rises to the challenge. Inclusive Development International’s David Pred and Bank Information Center Europe’s Nezir Sinani explain. READ FULL ARTICLE ▶
Not just dirty, but deadly: Can the World Bank clean up its fossil fuel problem?
Commentary: The World Bank’s International Finance Corporation has laid out a new proposed strategy to address concerns regarding the climate impacts of its $50 billion financial intermediary portfolio. It’s a step in the right direction. But given the urgency of the climate crisis, the world’s leading multilateral development institution should be doing more to hasten […]
World Bank Fueling Climate Change, Philippine Groups Allege in Historic Complaint
(Washington DC, October 11, 2017) – More than 100 citizen groups and affected communities in the Philippines today filed a historic complaint against the International Finance Corporation (IFC), the World Bank’s private-sector arm. The complaint accuses the IFC of fueling global climate change through its opaque investments in a Philippine bank that is a major financier of the coal industry. This is the first climate change-related complaint received by the IFC’s independent watchdog, the Compliance Advisor Ombudsman.
Thai human rights body hears complaints against Tanintharyi coal mine
(Yangon) —Thailand’s National Human Rights Commission conducted an initial hearing of complaints against Ban Chaung coal mining project in Tanintharyi Region’s Dawei Township on Monday. In June, 135 locals from villages in the project’s vicinity filed a complaint with the commission, urging them to investigate the activities of Thai mining firms East Star Co, Thai […]
World Bank money is helping to finance Asia’s coal boom: report
Should the World Bank Group be held accountable when financial institutions it supports invest in projects that threaten forests and communities? After tracing the Group’s links to controversial projects like the Rampal coal power station, the activists behind a new report say, “Yes.”READ FULL ARTICLE ▶
World Bank accused of funding Asia ‘coal power boom’ – News from Al Jazeera
Rights group says Bank indirectly financed coal projects despite pledges to cut support over environmental concerns. READ FULL ARTICLE ▶
Adani coalmine ‘covertly funded’ by World Bank, says report | Environment | The Guardian
The bank’s private sector arm is accused of subsidising loans that funded the Indian firm’s Queensland exploration bid READ FULL ARTICLE ▶