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7 Nov 2016

Inclusive Development International

Full report: Part 1

"Disaster for Us and the Planet”: How the IFC is Quietly Funding a Coal Boom," Oct 2016

…In 2013, the [World] bank made history when it pledged to get out of the coal industry for good, except “in rare circumstances.”…World Bank President Jim Kim articulated the bank’s concerns…Building more coal plants...“…would spell disaster for us and the planet,” he said. Despite President Kim’s strong words…the World Bank continues to be a major funder of the coal industry…Billions of dollars in IFC funds have quietly flowed into new coal projects around the world through multilayered financial transactions that exist beyond the scrutiny of the public…These financial intermediaries received $40 billion in IFC funding between 2011 and 2015. They now represent over half of the IFC’s lending portfolio…After receiving capital from the IFC, these financial institutions have gone on to fund dozens of the largest and dirtiest coal projects and companies in the world…Inclusive Development International was able to follow the trail of money during a monthslong forensic investigation…Adding fuel to the fire, these projects have also decimated the world’s forests…

[Also refers to Axis Bank, BDO Unibank, Cerrejon Coal, Credit Agricole, Essar, HDFC, Hidalco, ICICI, IDFC, Kotak Mahindra, Rizal Bank, and Yes Bank.]