Albanese government urged to push international banks to stop funding fossil fuel development

Exclusive: Report claims Australia’s shareholdings in development banks has made it responsible for investing $828m in fossil fuel projects over five years

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Australia’s shareholdings in three international banks – including the World Bank – has seen it responsible for investing $828m in fossil fuel projects between 2016 and 2021, according to a research report.

The World Bank, the Asian Development Bank and the Asian Infrastructure Investment Bank has collectively pumped $32.85bn into fossil fuel projects – almost entirely linked to oil and gas production or power generation – over the same period, the report says.

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