Development banks struggle with fossil fuel lock-in
The world’s development banks are funnelling ever-greater volumes of finance into clean energy — but the challenge of shifting entire economies away from climate-wrecking activity and towards actions that align investment goals with those of the Paris Agreement requires a more holistic approach
COULD DO BETTER
Banks charged with investing public money in economic development are increasingly concerned about the risk climate change poses to financial assets, but few are redirecting investment to achieving the goals of the Paris Agreement. Too many decisions are based on outdated knowledge about alternatives to fossil fuel projects
LEADERSHIP NEEDED
Heads of development banks should join politicians and show leadership in diverting money from fossil fuels to green energy and stimulating energy savings
KEY QUOTE
Leading development banks are looking at both green and brown investment, and are looking at climate-related financial risk ...
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