World Bank “playing both sides of climate crisis”

A new study by a US think-tank claims to cast doubt on the World Bank's neutrality in the global politics of climate change. The Institute for Policy Studies says the bank is "making money off of causing the climate crisis and then turning around and claiming to solve it."

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.

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