Study: Development banks are backing clean energy, but are struggling to kick fossil fuel habit

clock • 3 min read

Analysis of investments made by nine of the world's biggest development banks has found that they spent four times more on clean energy than fossil fuels in 2020

Multilateral development banks (MDBs) such as the World Bank and European Bank for Reconstruction and Development provided $3bn of funding for fossil fuels through the course of 2020, according to new...

To continue reading this article...

Join BusinessGreen

In just a few clicks you can start your free BusinessGreen Lite membership for 12 months, providing you access to:

  • Three complimentary articles per month covering the latest real-time news, analysis, and opinion from Europe’s leading source of information on the Green economy and business
  • Receive important and breaking news stories via our daily news alert
  • Our weekly newsletter with the best of the week’s green business news and analysis

Join now

 

Already a BusinessGreen member?

Login

More on Investment

Barclays and Sustainable Ventures launch climate tech start-up accelerator programme

Barclays and Sustainable Ventures launch climate tech start-up accelerator programme

Over 80 climate tech start-ups across the UK have already applied to the newly-launched accelerator programme

clock 05 December 2025 • 2 min read
'Already a major growth engine': Green economy expected to exceed $7tr in annual value by 2030

'Already a major growth engine': Green economy expected to exceed $7tr in annual value by 2030

Global sales of green products and services growing twice as fast as conventional revenue streams, according to new World Economic Forum analysis

Stuart Stone
clock 03 December 2025 • 4 min read
'Absolutely right': UK government pulls support for controversial Mozambique gas project

'Absolutely right': UK government pulls support for controversial Mozambique gas project

Government confirms UK Export Finance will not proceed with loan for major LNG project that has been on hold following deadly terror attack

James Murray
clock 02 December 2025 • 3 min read