Janet Redman, the lead author of "World Bank: Climate Profiteer", described the World Bank’s role in carbon markets as "dangerously
counterproductive" to international efforts to combat global warming. The study says that instead of encouraging clean energy investors, the bank is lending much of its financial support to the fossil fuel industry.
"It’s playing both sides of the climate crisis," Redman was quoted as saying. In the past two years, she added, the bank loaned US$1.5
billion dollars to companies investing in fossil fuels.
The report’s authors focus on plans to fund a controversial coal-fired power plant in Mundra in the Indian state of Gujarat.
See full story