(April 21, 2025 | Philippines)
APMDD joined the Philippine Movement for Climate Justice (PMCJ) and representatives of coal-affected communities from Bataan and Batangas in front of the World Bank office in Taguig to demand accountability for the harmful impacts of its fossil fuel financing.
This action coincides with the start of the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund, in Washington, DC from April 21 – 26. #WBGSpringMeetings
The action also scored how the World Bank — a public development bank — promotes investments in the fossil fuel industry by investing in private banks and firms through its private sector arm, the IFC – International Finance Corporation(IFC). The WB-IFC also raises fiscal risk when debt-distressed private entities are typically rescued by governments, which results in increased public debt burdens, reduced public financial resources for services and more tax burdens.
In the Philippines, some coal-fired power plants were financed through the IFC’s investment in Rizal Commercial Banking Corporation (RCBC) —a financial intermediary. In 2021, the IFC was found to have violated its own environmental and social standards. Yet 7 years later, the damage to communities remains, and no remedies have been delivered.
After the action at the World Bank, the groups proceeded to RCBC to call out its role in enabling this destructive coal expansion. Communities continue to suffer the consequences—pollution, health risks, and displacement—while those responsible have yet to provide justice.
It’s time for the World Bank, IFC, and RCBC to deliver on their promises and be held accountable.
#EndCoal
#StopFundingFossilFuels
#DeliverRemediesNow
#ClimateJusticeNow
(Photos: Jason Valenzuela and Red Sierra)