DPFs make up a significant portion of World Bank financing, representing 26 percent of overall Bank financing in the latest Retrospective period covering July 2015 to June 2021.
Building on the commitment that the United States made in Glasgow to “end new direct public support for the international unabated fossil fuel energy sector by the end of 2022,” President Biden put forward a government-wide performance standard for all energy financing overseas.
New report reveals that from 2018 to 2020, at least USD 10.9 billion per year was provided for financing oil, gas & coal projects by Japan.
Although increasingly recognizing their role in driving biodiversity loss, banks have yet to develop consistent, comprehensive policies and practices in ensuring that their direct and indirect financing does not cause or accelerate biodiversity loss. In an attempt to address biodiversity impacts, many banking institutions have embraced “no-net loss” or “net gain” commitments, which inherently rely on offset schemes. While biodiversity offsets may seem like a seductively simple solution to a complex problem, “Fool’s Paradise:…