According to a research report by Jubilee Australia and ActionAid, Australia’s shareholdings in three international banks, including the World Bank, have resulted in investments totaling $828 million in fossil fuel projects between 2016 and 2021. The report reveals that the World Bank, the Asian Development Bank, and the Asian Infrastructure Investment Bank have collectively invested $32.85 billion in fossil fuel projects, primarily related to oil and gas production and power generation, during the same period.
The organizations behind the report are calling on the Albanese government to join more than 30 countries in signing an international agreement to cease funding fossil fuel developments and to use their influence on multilateral development banks to do the same. Australia’s significant shareholder status in these banks grants it influence and responsibility over their actions. The report specifically examines Australia’s capital contributions and regular financial support, which amounted to $828 million in financing for fossil fuel projects.
\MORE INFO: The Guardian
\IMAGES FROM: The Guardian. Photograph: Bloomberg/Getty Images