Investigation uncovers finance worth $2.6bn pumped into meat and dairy industries, despite warnings of links to climate catastrophe
Two of the world’s leading development banks have pumped billions of dollars into the global livestock sector, despite warnings that reducing meat and dairy consumption is essential for tackling the climate crisis.
The International Finance Corporation (IFC) – the commercial lending arm of the World Bank – and the European Bank for Reconstruction and Development (EBRD) have provided $2.6bn (£2.1bn) for pig, poultry and beef farming, as well as dairy and meat processing, in the past 10 years.
The UK government is a major funder of both banks and its own development bank, CDC, has also invested tens of millions of pounds in the global livestock sector over the past decade, including finance for an industrial-scale beef feedlot in Ethiopia and poultry companies in Niger and Uganda.
Development banks provide medium and long-term capital for the purpose of economic growth in poorer countries. The IFC and EBRD have both publicly committed to tackling man-made climate change and making investment decisions with the climate in mind.