The World Bank is one of the world’s largest financial institutions providing development assistance, with major contract awards totaling over $10 billion in 2019. But what about its funding for conservation and environmental sustainability?
The bank has a mixed past in terms of environmental protection. Its Environment Strategy 2012-2022 focuses on green, clean, resilient pathways for development. And in its strategy adopted in 2013, the bank included “Environment and Natural Resources” as one of the “Global Practices” underpinning its approach to development.
On the other hand, the bank put up $21 billion for fossil fuel projects between 2014 and 2018, according to one report, and has been criticized for the environmental impact of its investments.