Law scholars shine spotlight on MDBs’ climate loopholes

Two legal scholars have written a detailed opinion, affirming that multilateral development banks – and governments, acting as their shareholders – are obliged under international law to make every effort to avoid financing development projects with high greenhouse gas emissions.

In July, the International Court of Justice wrote an advisory opinion strongly supporting the argument. The NGOs drew it to the World Bank Group’s attention during the summer and again just before its Annual Meetings in October, but have so far managed to elicit only a guarded response from the WBG.

The NGOs backing the engagement include the NGO Forum on ADB, based in Manila, Accountability Counsel in San Francisco, Oil Change International in Washington DC, Recourse in Amsterdam and Power Shift Africa in Nairobi.

Read the full article from Global Capital here.