During the annual meetings of the International Monetary Fund and the World Bank in Marrakesh, several non-governmental organizations expressed their discontent, accusing both institutions of not acting with sufficient diligence to address the challenges of climate change, despite their previous promises.
World Bank President Ajay Banga argued for the need for a larger, more effective institution to “eradicate poverty on a liveable planet,” citing the example of Uruguay as a country that benefited from reduced interest rates due to compliance with climate goals. Banga also expressed the hope of securing “some $150 billion in additional financing capacity this decade.”
However, NGOs present at the event considered that progress is insufficient and that more ambition is needed to address the climate crisis. They criticized the World Bank for its pro-fossil energy financing and pointed out a discrepancy between stated intentions and actual actions. Despite the World Bank’s claims about limited direct investments in gas, NGOs, such as Urgewald, pointed out that the institution contributed $3.7 billion to the oil and gas sector through indirect investments last year.
These criticisms highlight the growing pressure on international financial institutions to take concrete and meaningful steps to address climate change and meet international environmental commitments.