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    david malpass

    World Bank protest

    World Bank Pumping Billions More Into Fossil Fuels Than Publicly Known: Study

    Exploiting a "trade finance" loophole, the bank dumped an estimated $3.7 billion into oil and gas projects in 2022.

    Jake Johnson
    Sep 12, 2023

    An analysis released Tuesday by the German nonprofit Urgewald estimated that the World Bank spent nearly $4 billion on fossil fuel financing last year, when it was under the leadership of a climate denier nominated by former U.S. President Donald Trump.

    The World Bank pledged in 2017 to end financing for upstream oil and gas—with narrow exceptions—after 2019. But Urgewald observed in its new report that the World Bank's pledge applied only to direct finance, allowing the powerful institution to funnel cash to oil and gas projects through "trade finance" dished out by its private-sector arm, the International Finance Corporation (IFC).

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    world bank
    ​A climate activist wears a mask of incoming World Bank President Ajay Banga during a protest outside the bank's headquarters in Washington, D.C. on April 14, 2023.

    Activists Greet New World Bank President With Demands for Global Just Transition

    "You can't address poverty in a world of climate chaos," one advocacy group told Ajay Banga. "End fossil fuel finance now!"

    Kenny Stancil
    Jun 02, 2023

    Climate advocates on Friday held a demonstration outside the World Bank Group's headquarters in Washington, D.C., where they welcomed the bank's new president, Ajay Banga, and implored him to immediately begin pursuing a global just transition.

    Campaigners from the Glasgow Actions Team, Global Citizen, Friends of the Earth, and Big Shift Global handed their "First 100 Days" demands to World Bank staffers as they entered the building, making the case on Banga's first day at the helm that he should prioritize four key goals over the next few months: end fossil fuel finance, ramp up clean energy funding, cancel debt for poor nations facing myriad crises, and align the bank's policies with the Paris agreement's goal of limiting global warming to 1.5°C.

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    world bank
    Cyclists take over rush hour traffic outside World Bank headquarters and urge incoming president Ajay Banga to stop funding fossil fuels on April 10, 2023 in Washington, D.C.

    'Time for a Fresh Start': Bike Protest Urges World Bank to Stop Funding Fossil Fuels

    "After years of David Malpass in the president's office, we cannot afford another second of climate denial leading the bank," said one campaigner.

    Kenny Stancil
    Apr 11, 2023

    Roughly 100 activists marked the opening day of the World Bank Group spring meetings by riding bicycles through the streets of Washington, D.C. on Monday night, calling on incoming bank president Ajay Banga to halt fossil fuel financing and ramp up clean energy and climate justice investments.

    While demanding a turnaround on green funding in developing countries, the "Wrong Way on Climate" bike protest blocked rush-hour traffic outside World Bank headquarters as finance ministers traveled to dinner parties and backroom meetings.

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    world bank
    David Malpass

    Activists Welcome Early Resignation of 'Climate Denier' David Malpass as World Bank Chief

    The move could open the way "for serious climate finance," said 350.org co-founder Bill McKibben.

    Brett Wilkins
    Feb 15, 2023

    In a move cheered by climate advocates, World Bank President David Malpass—who sparked outrage last year by refusing to affirm that burning fossil fuels is heating the planet—said Wednesday that he would step down from his post by the end of June, nearly a year ahead of schedule.

    "Serving as president of the World Bank Group has been my enormous honor and privilege," Malpass said in a LinkedIn post announcing his decision. "We've worked hard together to reduce poverty, increase economic growth, reduce government debt burdens, and improve living standards across the full range of human development, including education, health, social protection and jobs, gender, and access to clean water and electricity."

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    world bank
    World Bank President David Malpass speaks at the Concordia Annual Summit on September 19, 2022 in New York City.

    House Dems Urge Biden to Push for Removal of Climate-Denying World Bank President

    "We need a World Bank Group leader who fully appreciates the threat of climate change and the need to accelerate the global transition to a clean just energy future to improve living standards, reduce poverty, and encourage sustainable growth."

    Kenny Stancil
    Sep 29, 2022

    Over two dozen House Democrats sent a letter Thursday urging U.S. President Joe Biden to "advocate for the removal or forced resignation" of World Bank president David Malpass, who has come under fire for his recent refusal to acknowledge the indisputable connection between planet-heating fossil fuel emissions and increasingly catastrophic wildfires, hurricanes, and droughts.

    "People and governments now more than ever need a World Bank leader who listens to the science and is a global leader in combating climate change."

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    world bank
    Activists display a banner describing World Bank President David Malpass as a climate denier in front of the bank's headquarters in Washington, D.C. on September 22, 2022.

    Groups Demand Ouster of 'Climate Denier' Leading World Bank

    "The World Bank must not be led by a climate denier and President Biden should call on the bank's board to fire David Malpass immediately," said one advocate.

    Kenny Stancil
    Sep 22, 2022

    Climate justice campaigners are ramping up pressure on the World Bank to fire its president, David Malpass, after he refused to acknowledge that burning fossil fuels causes the planet-heating pollution underlying increasingly frequent and intense extreme weather disasters around the globe.

    Activists on Thursday unfurled a banner in front of the institution's building in Washington, D.C. that labels Malpass a "climate denier" and called on U.S. President Joe Biden and other leaders to ditch the World Bank chief.

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    world bank
    World Bank President David Malpass speaks at the Concordia Annual Summit on September 19, 2022 in New York City.

    Al Gore Calls It 'Ridiculous' to Have 'Climate Denier' Lead the World Bank

    "When every night on the TV news is like a nature hike through the Book of Revelation, that builds demands for meaningful action," said the former vice president.

    Kenny Stancil
    Sep 21, 2022

    Former U.S. Vice President Al Gore called the head of the World Bank a "climate denier" on Tuesday and urged President Joe Biden to take steps to replace him with someone who will do more to finance clean energy projects in low-income nations.

    "Since almost 90% of the increased emissions going forward are coming from developing countries, we have to take the top layers of risk off the access to capital in these developing countries," Gore said at a climate policy summit hosted by the New York Times.

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