Powering people, protecting the planet

The report argues that the global push to triple renewable energy capacity must prioritize the quality of investments over quantity to avoid 'green extractivism'. It introduces three core criteria for public finance: driving a 100% renewable future by phasing out fossil fuels, ensuring democratic energy systems through grants and decentralization, and centering human rights and nature. The document criticizes multilateral development banks (MDBs) for continuing to fund fossil gas and relying on debt-creating loans rather than grants. Through case studies in India, Kenya, Rwanda, Tanzania, and Indonesia, it contrasts the harms of large-scale, profit-driven projects with the benefits of community-led, small-scale renewable energy solutions.

• Multilateral development banks (MDBs) continue to fund fossil fuels despite renewable energy goals; for example, the World Bank approved a $300m gas investment in Bangladesh and a $108m investment in Uzbekistan in 2023, while the Asian Infrastructure Investment Bank (AIIB) saw fossil fuel spending increase by 118% from 2022 to 2023.
• Public climate finance is heavily skewed toward loans and private sector profit rather than grants for local benefit; less than 1% of World Bank renewable energy investments in 2023 were grants, and 98.78% of EBRD energy investments in 2023 were loans or equity.
• Large-scale renewable projects often cause social and environmental harm when communities are excluded from decision-making, such as the Pavagada solar project in India which displaced pastoralist communities and the Lake Turkana Wind Project in Kenya where Free, Prior and Informed Consent (FPIC) was not obtained.
• Small-scale and decentralized renewable energy solutions, such as community microhydro in Indonesia and off-grid solar in Rwanda and Tanzania, demonstrate superior development outcomes by improving local electricity access and economic activity.
• The report identifies 'false solutions' that perpetuate fossil fuel infrastructure, specifically citing carbon capture, usage and storage (CCUS), ammonia and hydrogen co-firing in fossil fuel plants, and green hydrogen for export to undeveloped markets.
• MDB renewable energy investments frequently carry high social and environmental risks; of 22 World Bank IBRD/IDA renewable investments approved in 2023, 11 were rated as 'substantial' or 'high' risk, with 13 raising land rights concerns.
• The transition to renewable energy will significantly increase demand for critical minerals, requiring a supply chain that protects human rights and biodiversity and prioritizes material circularity and recycling.

APA

Doig, A., Pascual, M. M., & Ramazzotti, A. (2024). Powering people, protecting the planet. Trend Asia. https://trendasia.org/wp-content/uploads/2024/10/Banking-on-Renewables-criteria-for-public-investment-in-renewable-energy-for-climate-for-people-for-planet-1.pdf

Chicago

Doig, Alison, Mark Moreno Pascual, and Alessandro Ramazzotti. Powering people, protecting the planet. Trend Asia, 2024. https://trendasia.org/wp-content/uploads/2024/10/Banking-on-Renewables-criteria-for-public-investment-in-renewable-energy-for-climate-for-people-for-planet-1.pdf.

Wikipedia

{{cite report |last1=Doig |first1=Alison |last2=Pascual |first2=Mark Moreno |last3=Ramazzotti |first3=Alessandro |title=Powering people, protecting the planet |publisher=Trend Asia |date=October 2024 |url=https://trendasia.org/wp-content/uploads/2024/10/Banking-on-Renewables-criteria-for-public-investment-in-renewable-energy-for-climate-for-people-for-planet-1.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{doig2024powering, author = {Doig, Alison and Pascual, Mark Moreno and Ramazzotti, Alessandro}, title = {{Powering people, protecting the planet}}, institution = {Trend Asia}, year = {2024}, month = oct, url = {https://trendasia.org/wp-content/uploads/2024/10/Banking-on-Renewables-criteria-for-public-investment-in-renewable-energy-for-climate-for-people-for-planet-1.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }