Reaction to COP27 MDBs Joint Statement

Recourse argues that the MDBs' COP27 Joint Statement is a disappointment because it ignores the 1.5°C warming target and obscures the fact that MDB support for fossil fuels exceeds their financing for renewables. The organization highlights a lack of transparency regarding Paris Agreement alignment methodologies and calls for the MDBs to rule out fossil gas and LNG as transition fuels.

• The MDBs' Joint Statement on Climate at COP27 fails to mention the target of limiting global warming to 1.5 degrees Celsius.
• MDB financing for fossil fuels remains higher than for clean energy; data from 2019 to 2020 indicates MDBs provided $55 billion per year for oil, coal, and gas compared to $29 billion per year for clean energy.
• Despite claims of being on track for Paris Alignment, only one MDB has released a draft alignment methodology, and the International Finance Corporation (the World Bank's private sector arm) recently withdrew its pledge to release its methodology for public consultation.
• Fossil gas projects received the majority of direct international MDB public finance for fossil fuels between 2019 and 2021, accounting for 61% of such funding.

APA

rrotadmin (2022). Reaction to COP27 MDBs Joint Statement. Recourse. https://re-course.org/newsupdates/recourse-reaction-to-cop27-mdbs-joint-statement/

Chicago

rrotadmin. Reaction to COP27 MDBs Joint Statement. Recourse, 2022. https://re-course.org/newsupdates/recourse-reaction-to-cop27-mdbs-joint-statement/.

Wikipedia

{{cite press release |last1=rrotadmin |title=Reaction to COP27 MDBs Joint Statement |publisher=Recourse |date=7 November 2022 |url=https://re-course.org/newsupdates/recourse-reaction-to-cop27-mdbs-joint-statement/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{rrotadmin2022reaction, author = {rrotadmin}, title = {{Reaction to COP27 MDBs Joint Statement}}, publisher = {Recourse}, year = {2022}, month = nov, url = {https://re-course.org/newsupdates/recourse-reaction-to-cop27-mdbs-joint-statement/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }