Bowing to public pressure, Rizal becomes first bank in Philippines to exit coal

No 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 […]

Joint Call for Greater Transparency and Consultation in the IFC/MIGA Accountability Review

(October 25, 2019) – Inclusive Development International and 74 global partners submitted a joint statement to the World Bank Group’s Board of Directors, expressing concerns about the lack of transparency and external stakeholder engagement in the accountability framework review of the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA).

Five leading advocacy organizations withdraw planned hydropower session at World Bank Annual Meetings after the Bank refuses to participate

JOINT STATEMENT Every year at its Annual General Meetings, the World Bank hosts a “Civil Society Policy Forum” (CSPF) in order for the Bank to learn from and dialogue with civil society organizations. This year our organizations — the Center for International Environmental Law, Bank Information Center, International Rivers, Inclusive Development International and Green Alternative- […]

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 fuels land grabs in Africa through shadowy financial sector investments

The World Bank Group has indirectly financed some of Africa’s most notorious land grabs, according to a new report by Inclusive Development International and other watchdogs. The World Bank’s private-sector arm, the International Finance Corporation (IFC), is enabling and profiting from these projects by outsourcing its development funds to the financial sector. The report, Unjust […]

The World Bank’s Existential Crisis, by David Pred and Natalie Bugalski

The World Bank is having an existential crisis. For decades, the bank was the premier development finance institution, doling out loans to developing countries without rival. The World Bank was also a pioneer – though not always willingly – in creating standards to protect people who could be harmed by its investments. In 1980, it […]