World Bank rejects call to get out of fossil fuels 05 August 04

The World Bank has rejected a call from the review body it set up to investigate the impact of lending to oil, coal and mining projects. The Bank expected an obedient whitewash – but instead the Extractive Industries Review came up with some unexpectedly radical proposals. Pointing out that oil, gas and mining industries have done nothing to help the poor, Emil Salim, the EIR head and a former Indonesian environment minister, even went as far as to recommend that the Bank should phase out investment in oil altogether because of climate change. “The role played by the stakeholder process led by Dr. Emil Salim was valuable in shaping our thinking and has contributed to global dialogue on extractive industries,” was predictably disappointed, calling the review a ‘missed opportunity’. For the Bank, clearly, it’s business as usual.