Clean energy now: reform the World Bank
To meet the double challenge of the climate and economic crises, the World Bank urgently needs reform.
We demand that the new President, Ajay Banga, commit to the following:
- Stop funding all fossil fuels,
- Redirect money to support a fair and just transition to renewable energy,
- Support access to clean, affordable energy for all,
- Stop unjust lending policies that further oppression and deepen inequality.
Read more about why this is important:
Across the world, people are feeling the devastating effects of two connected crises - an ever-deadlier climate crisis and a spiralling cost of living. Some of us are experiencing devastating floods or droughts. Others are worried about energy bills and basic living costs we can no longer afford to pay.
But we don’t all suffer the same. Those among us from historically marginalised or oppressed communities, or those in nations more vulnerable to the effects of climate change or impacted by poverty are particularly affected.
The World Bank is one of the most powerful global financial institutions. It has the power and money to support a just transition to renewable energy, that would lift people up from poverty, protect nature, and help us fight the climate crisis.
Instead, the World Bank has a history of decades of predatory and oppressive lending. Faced with sky-high interest rates and harsh loan conditions, the poor are pushed into crippling debt that holds back our economies and burdens people for generations. It's the story of greed, pouring money into fossil fuels, and damage to nature.1 It’s a story of human rights abuses2 and people forced from their homes to make room for giant infrastructure projects funded with World Bank money.3
The World Bank needs urgent, deep reform, to meet the challenges of today’s world. And right now, a change in the Bank’s leadership has created a rare opportunity for us to demand the changes we need.4
The new President of the World Bank, Ajay Banga, took office in June 2023. This is our chance to demand he commits to urgently reform the World Bank and end all its support to fossil fuels. Instead, he must direct existing funding and assistance to support a just transition to clean renewable energy.
By signing the petition, you will help our demand for World Bank reform be heard loudly, and put Ajay Banga under direct pressure from people across the world. We are working with partners across the world, including the Big Shift Global, to involve global media, and ensure the new President knows we’re watching.
Together, we can demand a World Bank reform that serves the world's regular people, not the ultra-rich or the oil barons. We can demand a clean and just transition to renewable energy that benefits everyone, especially those who are most vulnerable or struggling with energy poverty. We can demand a World Bank leadership that is merit-based, open and democratic.
Together with our partners, we’ll deliver the petition in person in October, during the World Bank’s Annual Meeting in Morocco.
In partnership with Big Shift Global
References:
[1] Big Shift Global: Investing in Climate Disaster: World Bank Finance for Fossil Fuels
[2] Human Rights Watch: World Bank Group Failing at Remedies for Project Abuses
[3] World Bank backs mega dam threatening to displace thousands in Mozambique
[4] The Lancet: A decisive moment for The World Bank
