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The World Bank Failing Nigeria on Climate Goals and Energy Access

A recent review of WBG´s operations in Nigeria detailed in a new report by Recourse, the Swedish Society for Nature Conservation (SSNC) and the African Coalition for Sustainable Energy and Access (ACSEA) found that overall the WBG’s energy sector assistance in Nigeria undermines the Paris Climate Agreement goals and falls short in what is necessary to meet Nigeria’s energy access goals.

Despite Nigeria’s vast potential for renewable energy,the WBG prioritizes fossil fuels over renewable energy. It has provided over five times more funding to fossil fuels than to renewable energy in Nigeria. From 2014 to 2019, the WBG provided $1.8 billion or 69 percent of total energy sector finance to oil and gas projects, including for multiple oil and gas exploration operations and one of the world’s largest oil refineries. 

Publication Year: 2020
Banks: World Bank