The intensifying impact of the climate crisis on frontline communities in the Global South, record-breaking CO2 emissions, and global temperatures exceeding 1.5 degrees Celsius above average in 2023 are signs that we urgently need a just energy transition that reaches all levels of society. Through our work on the Energy Finance Tracker at the International Accountability Project, we know that between 2022 to 2023, there were 933 known investments in the energy sector, totaling at least $139.8 billion, involving 14 multilateral development banks (MDBs) and more than 600 companies across 160 countries. From this simple data, we can tell that MDBs considered or approved, on average, more than one investment per day in the energy sector, many of which continue to support the fossil fuel industry, invest in false climate solutions, and fund energy projects that may bring jeopardy and harm to local communities. Governments and companies continue to rely on MDBs to support these investments in fossil fuels, specifically the oil and gas industry, despite their commitment to tackle the climate crisis. These continued investments in oil and gas, with their devastating climate impact, directly contradict the Paris Agreement and are taking us many steps behind where we need to be to achieve a just and clean energy transition. Data from the Energy Finance Tracker reveals a concerning trend of energy colonialism. Between 2022 and 2023, 10 MDBs invested a combined $14.5 billion in 80 oil and gas projects across 18 countries, with 66.3% of these projects involving private…This article was originally published on Mongabay
The post Multilateral development banks must prioritize clean & community-led energy projects (commentary) first appeared on EnviroLink Network.