Following the release of the Intergovernmental Panel on Climate Change’s (IPCC) ‘final warning’ report on the climate crisis, UN chief António Guterres warned:
“Our world needs climate action on all fronts: everything, everywhere, all at once.”
Recent criticism of the World Bank suggests, however, that some other international institutions are not exactly embracing Guterres’ instruction. According to the development finance-focused nonprofit Recourse and other organisations, the World Bank has failed to align its investments with the Paris Climate Agreement. Moreover, they say its investments in Asia specifically are locking countries there into fossil fuels.