In its own words, the World Bank Group’s position as a leading source of global fossil fuel financing poses a “clear and present danger” to its reputation and the global commons. This brief shows that over $24 billion of World Bank financing has poured into projects designed to extract, transport, process and burn fossil fuels drilled and mined from developing countries from 1992 to 2002. The cumulative impacts of these hundreds of projects are considerable. While transferring natural resources into transnational private hands, the World Bank is aiding and abetting economic disparity, repression, political instability, local environmental disasters, and global climate change.
The World Bank and Fossil Fuels: A Clear and Present Danger
The World Bank group can damage many aspects in sociey as well as climate using its fossil fuels favored way to tackel global warming
September 10, 2002