The calls to divest from fossil fuels are getting louder in response to the growing scientific consensus that emissions of greenhouse gases are causing climate change. Since 2011 the Carbon Tracker Initiative has argued that the majority of the world's fossil fuel resources are 'unburnable' if we want to limit global warming, and has warned that fossil fuel reserves held by companies listed on stock exchanges are heavily exposed to a potential carbon bubble.
The objective of this research is to identify which fossil fuel investments in private companies were present on the balance sheet of five key multilateral development banks (MDBs) as of 31 December 2013 to see to what extent their actions are consistent with their rhetoric that urgent action is needed to tackle climate change, and to assess their exposure to a potential carbon bubble where investments in fossil fuel companies could lose significant value.
The MDBs included in this study are: International Finance Corporation (IFC, the World Bank Group's private sector arm), Inter-American Development Bank (IDB), Asian Development Bank (ADB), European Investment Bank (EIB) and European Bank for Reconstruction and Development (EBRD). The MDBs are publicly backed banks mandated to promote economic development (and in the cases of the IFC, IDB and ADB to reduce poverty).
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