Last Updated on October 17, 2026 by Jeff Tomas
BANGKOK – Climate change was missing from the World Bank Group’s Annual Meetings agenda in Bangkok this week. Instead, the institution reaffirmed its focus on mobilizing private capital and its “technology-neutral” approach to energy investment.
On the first day, President Banga defended the continued role of fossil gas in national energy mixes and described wind and solar as “top-up” sources. The World Bank remains the largest fossil fuel financier among multilateral development banks (MDBs).
Since the Paris Agreement, MDBs have provided $19 billion in direct funding for oil, coal, and gas, along with much more in indirect financing through private intermediaries and technical or policy assistance.
Although direct funding for “clean” energy is growing, it remains out of reach for many low-income countries and often adds to their debt. Banga’s remarks in Bangkok also left room for risky investments in nuclear power, geothermal energy, and large-scale hydropower, despite the lessons of Nepal.
The meetings took place in a region facing energy price shocks and climate disasters. In the weeks before the event, severe floods struck some of Bangkok’s most vulnerable areas, while the deadly floods in Nepal remained fresh in people’s minds. Across Thailand and Asia, people face the effects of the climate and energy crises every day. These issues should have been central to the meetings.
People’s Rights Absent From Discussions
Energy finally appeared on the agenda on the last day, when the Bank announced its first “Mining Compacts.” The agreements are intended to coordinate policy changes and attract investment in the mineral sectors of eight countries.
They could help strengthen due diligence, safeguards, and respect for human rights in this growing sector, while supporting the development of local value chains. However, the Bank’s approach leaves out just transition principles and fails to recognize communities as rights holders.
People’s rights were largely absent from discussions at the official meeting venue. Across Bangkok, however, civil society groups put them at the center of public events. Advocates, activists, and affected communities from around the world joined a People’s Assembly on debt and development, a Feminist Festival, an Indigenous Peoples’ gathering, and numerous workshops and exchange sessions.
The week ended with a street march alongside local trade unions.
As the energy crisis continues, people in Asia and elsewhere need energy that is reliable, affordable, secure, and clean. Public finance must urgently shift away from fossil fuels and toward sustainable renewable energy. The World Bank missed an opportunity to take action at these meetings.
Members of the Big Shift Coalition responded:
Sunil Acharya, Recourse:
“The World Bank’s climate and energy policies are headed in the wrong direction. President Banga’s description of wind and solar as ‘top-up’ sources alongside nuclear, hydropower, and gas overlooks the chance to transform energy systems.
Fossil gas makes little economic sense. It leaves countries exposed to volatile global markets and debt, while tying public funds to expensive infrastructure. The Bank must end its support for the extractive development model associated with the fossil fuel era and direct public finance toward economies powered entirely by renewable energy.
That approach can provide energy for everyone, protect people and nature, and put public priorities ahead of private profit.”
Leandro Gomez, FARN (Fundación Ambiente y Recursos Naturales):
“The Bank says new minerals and metals industries should support development and provide decent jobs. Yet its strategy presentation made clear that its main priority is mobilizing private capital.
The energy transition took a back seat, while the rights and needs of local communities were largely ignored. The Bank’s plans for mineral extraction focused on investment requirements and gave no meaningful attention to community rights, environmental protection, or due diligence.”
Emma Beelen, Urgewald:
“The World Bank continues to support fossil gas, even though it leaves communities exposed to global supply crises and contributes to climate change. Its focus on mobilizing private capital also overlooks serious problems with lending through financial intermediaries in the Bank’s private-sector arms.
These loans face weak regulation, limited use of environmental and social standards, and major transparency gaps, especially in the IFC’s $18 billion trade finance portfolio. The Bank must improve its sustainability standards if it wants to support its claims that private capital mobilization benefits development.”
Ellenor Bartolome, Philippine Movement for Climate Justice:
“The World Bank is ignoring the climate emergency it helped create. Its climate commitments remain unfulfilled as communities across the Global South face super typhoons, super El Niño events, and devastating disasters. Hosting the Annual Meetings in Bangkok should have prompted the Bank to act.
But an 80-year-old institution with a legacy of debt, destruction, and domination has given us little reason to expect otherwise. It continues to fund and profit from fossil fuels at the expense of people’s lives.
Its accountability systems are also in crisis, and communities harmed by its destructive projects still cannot obtain remedies. The World Bank has lost its credibility. We need to dismantle this system and build one that serves people and the planet.”
Wentland Muhatiah, ACCESS Coalition:
“Mission 300 is the World Bank’s biggest promise to Africa. In Bangkok, we heard the right commitments on access, affordability, and jobs. The Bank must disclose how it spends every energy dollar, track clean cooking as well as electricity connections, and reserve at least 15% of Mission 300 funding for fragile and conflict-affected countries, primarily as grants.
Mission 300 should also support a market for equipment made in Africa, so people who are furthest behind can gain access to clean, affordable energy while the continent builds industry and creates decent jobs.”
The Big Shift Global coalition is a group of over 60 organisations from across the globe working to shift MDB finance out of fossil fuels for a just transition.
