THE HALFAX HEIMDALL AUGUR

A Giant Leap Backwards for Banks' Investment in a Climate Safe Future By Hannah Saggau, Senior Climate Finance Campaigner with Stand.earth, and leader of the FossilFreeCiti.org campaign. On a Friday afternoon, top fossil fuel funderWells Fargotook a giant leap backwards on climate, dropping its 2030 and 2050 climate goals in a cowardly and dangerous move. What does this mean? Let’s break it down. Fossil fuel companies need money to torch the planet—and they are getting it from banks. Major banks including JP Morgan Chase, Citi, and Wells Fargo funnel billions of dollars every year into oil and gas companies that are driving catastrophic climate impacts. This financing enables polluters to build new toxic facilities, from fossil gas pipelines and export terminals in the U.S. Gulf South, to oil drilling on Indigenous territories in the Amazon rainforest. Image:Banking on Climate Chaos, 2024.Bar graphof “The Dirty Dozen’s” fossil fuel financing. Because of our pressure, between 2020 and 2021, all of the top Wall Street banks came out with pledges to reach “net zero” greenhouse gas emissions by 2050. This included commitments to reduce their “financed emissions” – or the climate …

World Bank to drop climate finance targets | Latest Market News The World Bank said on 29 June that it will drop its commitment to allocate 45pc of its annual lending to projects with climate co-benefits. US treasury secretary Scott Bessent said in April that the World Bank's 45pc target needed "jettisoning", arguing that it "breeds inefficiency, distorts economic decision making, and moves the bank away from its core mission". Bessent said the organisation must do more to "advance developing country access to abundant, affordable, and reliable energy to support economic growth and poverty reduction", including fossil fuels such as gas, oil and coal, "rather than restrict borrower choice". He also called on the bank to increase the number of gas projects. The World Bank committed to stop financing upstream oil and gas projects from 2019, although it can consider natural gas investments in countries with urgent energy needs and no short-term renewable alternatives, provided they do not lead to long-term carbon lock-in. The 45pc targetwas set in 2023during the administration of then US president Joe Biden. Current US president Donald Trump has opposed climate action domestically…

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

World Bank scraps climate financing after facing pressure from Trump The Trump administration has secured another win in its campaign to end climate -related policies and regulations on the international stage, forcing the World Bank to retire its ambitious climate financing goals . The World Bank Group announced on Monday that it was retiring its goal of 45% of its funding being dedicated to climate-related projects, with the aim of reducing greenhouse gas emissions from the largest emitters while propping up developing countries in need of resources to adapt to climate change. Recommended Stories Europe’s deadly heat wave opens the doors to Asian air conditioning makers World Bank’s climate financing to expire before July amid pressure from Trump administration to scrap Trump boosts MAHA-style farming after movement suffers Roundup loss The Trump administration has for months pushed against this climate funding target, with Treasury Secretary Scott Bessent claiming that it “breeds inefficiency, distorts economic decision banking, and moves the Bank away from its core mission.” Advertisement The United States is the largest shareholder of the World Bank, controlling about 16% of …

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

#BREAKING: The #WorldBank has announced that it will “retire” its goal to devote 45% of its annual lending to projects with climate co-benefits, reports @reuters.com The newswire adds that the lender will extend its climate-change action plan #CCAP, which was due to expire today.

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

#BREAKING: The #WorldBank has announced that it will “retire” its goal to devote 45% of its annual lending to projects with climate co-benefits, reports @reuters.com The newswire adds that the lender will extend its climate-change action plan #CCAP, which was due to expire today.

World Bank to drop 45% climate lending target after pressure from ... The World Bank says it will retire its target of allocating 45 percent of its annual lending to climate-related projects, while extending its Climate Change Action Plan (CCAP), which is due to expire today. The lender announced the decision in a statement on Monday, saying it would shift its focus from lending targets to development outcomes. The move comes amid pressure from the administration of US President Donald Trump, which has urged the World Bank to abandon climate financing targets and refocus on its core development mandate, including support for fossil fuel projects. “Our framework has served its purpose well, embedding smart development in all we do in response to client needs and priorities. We will therefore extend the CCAP,” the bank said. “We will explore and discuss ways to better structure our engagement on adaptation, nature and pollution.” The World Banksaid, at the request of its executive board, its Independent Evaluation Group would conduct a review of the CCAP, which has operated through rolling five-year plans since 2016. The lender said it would continue tracking climate-related i…

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

The World Bank has ditched its climate targets The rise and fall of the institution’s love for green growth

The World Bank Group says it will "retire" its previous goal ‌to devote 45 per cent of its annual lending resources to projects with climate co-benefits, but extend its longstanding Climate Change Action Plan. The development lender, which had been under pressure from the Trump administration to abandon the climate lending target adopted during the Biden administration in 2023, said in a statement on Monday it would complete a shift to focusing on lending outcomes rather than input goals. World Bank President Ajay Banga, who was initially charged with squeezing more climate lending resources from the bank's balance sheet, has ‌shifted his focus ‌to "smart development," which aims ⁠to boost job opportunities while still providing climate-related benefits such as drought-resistant agriculture or storm-resistant ​infrastructure and renewable energy where appropriate. The World Bank said that at the request of its executive board, the lender's Independent Evaluation Group would perform a review of the Climate Change Action Plan, which was first adopted in rolling five-year plans in 2016. The bank's previous target of devoting 35 per cent of lending resources to climate-related proj…

World Bank Drops Climate Finance Target Under U.S. Pressure - ESG Today Government / Sustainable Finance World Bank Drops Climate Finance Target Under U.S. Pressure Mark Segal June 30, 2026 The World Bank Group announced that it will extend its Climate Change Action Plan, its strategy to support countries and private sector clients to address climate and development challenges together, but that it will also retire a key target committing 45% of its financing to projects with climate co-benefits. The World Bank’s climate finance activity has increased significantly since launching its climate strategy 5 years ago. The move to retire the climate finance targets follows pressure from the Trump administration, which has argued that the goal distorts the organization from its mission to reduce poverty and drive economic growth. The U.S. is the largest shareholder in the World Bank Group. The World Bank set a target in late 2020 for 35% of its financing to have climate co-benefits over the subsequent 5 years, with 50% to be channeled towards adaptation and resilience. The goal was increased to 45% in 2023 for the remainder of the 5-year period. In June 2021 , the organization launched …

Africa: World Bank Drops Climate Funding Target, Raising Fears for Africa [RFI] The World Bank has abandoned its target of directing 45 percent of its financing to projects that help tackle climate change, prompting warnings that poorer countries - especially in Africa - could receive less support to adapt to a warming world.