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.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 ain 2017 to end financing for upstream oil and gas—with narrow exceptions—after 2019.

Citing the IFC's "severe lack of transparency," Urgewald stressed that it was only able to "formulate an estimate" for oil and gas transactions. The group calculated that the World Bank spent roughly $3.7 billion on oil and gas trade finance in 2022. "The easiest way for a big oil company or coal operation to escape attention surrounding public assistance is to cloak it in trade finance."

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