World Bank drops $15 billion into fossil fuel (peak oil scam) projects since the Paris deal

Editor's note: This isn't exactly new news considering stories appeared in 2022 (much higher than $3.7 billion) about how much money the World Bank was dropping into "fossil fuel" investments. Our guess is this is to maintain the Pentagon's access to cheap gas. Consider the World Bank as an extension of the Pentagon (justifying war on the pretext of the other scam of global warming"). Electric cars will give way to gas powered cars and there goes zero emissions and carbon offsets. Japan's Toyota said back in 2017 they were going to "phase out gas engines and planned to reduce emissions by 90 percent." Then Toyota flips saying they are going to bet the US car consumers will continue buying gas guzzling SUVs. Depending on market conditions determined by the oil cartels they seem to be the ones who decide the feasibility of electric cars. And it looks as though the Chinese are dumping their unwanted electric cars into fields. Apparently, these thousands of abandoned electric vehicles that were part of a car-sharing or ride-hailing service that failed in China. But who knows. It's in China. Then we come to the subject of "fossil fuels" (continuation of the peak oil scam) leaving some of us to think this scam is still being promoted. If you have not understood what "abiotic oil" is perhaps it is time to learn after you buy a new American made gas powered Ford pickup truck. 

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Source: Consortium News

World Bank Pumps Billions into Fossil Fuels

Exploiting a "trade finance" loophole, the bank dumped an estimated $3.7 billion into oil and gas projects in 2022, finds an analysis by the German research group Urgewald.

David Malpass in April, shortly before he stepped down as president of the

World Bank Group. (World Bank, Flickr, Grant Ellis, CC BY-NC-ND 2.0)

September 25, 2023 | By Jake Johnson | Common Dreams

A recent analysis 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 a climate denier nominated by former U.S. President Donald Trump. The World Bank pledged in 2017 to end financing for upstream oil and gas — with narrow exceptions — after 2019. But Urgewald observed in its new report that the World Bank's pledge applied only to direct finance, allowing the powerful institution to funnel cash to oil and gas projects through "trade finance" dished out by its private-sector arm, the International Finance Corporation (IFC).

"Despite trade finance's vast and still-growing share of the IFC's budget, over 70% of it is given out in secrecy," Urgewald noted. "The types of goods and businesses it is funding are not even reported to the World Bank's shareholders, i.e., our governments. The public has a right to know where all this money is going."

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.

"This would more than triple the current annual level of fossil fuel finance attributed to the World Bank and cast serious doubts on Bank claims of alignment with the Paris Climate Agreement," Urgewald's Heike Meinhardt said in a statement.

"The easiest way for a big oil company or coal operation to escape attention surrounding public assistance is to cloak it in trade finance."

Please go to Consortium News to continue reading.

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