Harnessing public finance potential to create renewable energy economies

The report argues that the World Bank Group must shift from project-by-project 'greening' to a systemic transformation of its portfolio to support 1.5°C alignment. It proposes a strict taxonomy that excludes fossil gas and 'false solutions' like CCUS and nuclear power, while emphasizing a rights-based approach to ensure the energy transition does not burden marginalized communities or increase debt in low-income countries.

• To maintain a 1.5°C trajectory, the report argues that the World Bank Group must align all operations with 'real zero' emissions rather than 'net zero' to avoid reliance on unproven technologies or carbon offsets.
• The proposed taxonomy explicitly excludes fossil gas, coal, oil, nuclear power, and several 'false solutions' from Paris-aligned investments. Specifically, it argues that fossil gas is not a viable transition fuel due to methane leakage and carbon emissions.
• The report identifies several technologies as 'false solutions' that should be excluded because they are economically or environmentally unsound, including CCUS, blue hydrogen, industrial biofuels, large-scale hydro, and waste-to-energy projects.
• A 'whole economy' approach is recommended, requiring the WBG to integrate 1.5°C trajectories into its Country Climate and Development Reports (CCDRs) and Country Partnership Frameworks (CPFs).
• The report emphasizes that the energy transition must be 'just,' meaning it should not place costs on marginalized groups and should include social dialogue, training, and social protection for workers in fossil-fuel-dependent sectors.
• The document warns that the surge in demand for critical minerals for renewable technologies could increase by 500% by 2050, potentially creating a 'double burden' of climate impacts and extractive destruction for the Global South.
• The report criticizes the WBG's past implementation of renewable projects, citing landslides and deaths associated with geothermal development in Indonesia and environmental damage from dams in Pakistan and Laos.
• The methodology recommends that the International Finance Corporation (IFC) immediately stop financing new coal, oil, and gas projects and close existing loopholes in financial intermediaries.

APA

Doig, A. (2023). Harnessing public finance potential to create renewable energy economies. Center for International Environmental Law. https://www.ciel.org/wp-content/uploads/2023/03/Harnessing-Public-Finance-Potential-to-Create-RE-Economies.pdf

Chicago

Doig, Alison. Harnessing public finance potential to create renewable energy economies. Center for International Environmental Law, 2023. https://www.ciel.org/wp-content/uploads/2023/03/Harnessing-Public-Finance-Potential-to-Create-RE-Economies.pdf.

Wikipedia

{{cite report |last1=Doig |first1=Alison |title=Harnessing public finance potential to create renewable energy economies |publisher=Center for International Environmental Law |date=March 2023 |url=https://www.ciel.org/wp-content/uploads/2023/03/Harnessing-Public-Finance-Potential-to-Create-RE-Economies.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{doig2023harnessing, author = {Doig, Alison}, title = {{Harnessing public finance potential to create renewable energy economies}}, institution = {Center for International Environmental Law}, year = {2023}, month = mar, url = {https://www.ciel.org/wp-content/uploads/2023/03/Harnessing-Public-Finance-Potential-to-Create-RE-Economies.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }