Scandals and backdoor support for fossil fuels blight an organisation that ought to be taking the lead at Cop26
- Jake Hess is a researcher at the World Bank in Washington DC
The World Bank is facing the biggest test in its history. Next week, Bank executives are attending the Cop26 global climate summit in Glasgow, where key decisions about the fate of humanity will be made. If the Bank wants to achieve its official goals of eradicating poverty and building shared prosperity, now is the time to step up. Because nothing will increase poverty and undermine prosperity more than runaway global warming.
It is likely to fail this test, however. At a time when the world needs to move away from dirty energy as quickly as possible, the Bank has spent more than $12bn on direct fossil fuel project financing since the landmark Paris climate agreement. And its overall credibility is weaker than ever after a data manipulation scandal involving senior leaders.
Jake Hess is a researcher at the World Bank in Washington DC
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