Development banks fund factory farming despite climate pledges
International finance institutions funneled $2.3 billion into animal agriculture projects in 2023, with most supporting industrial-scale factory farming linked to significant greenhouse gas emissions.
Frida Garza reports for Grist.
In short:
- A report from the International Accountability Project found $2.3 billion in development bank funding supported factory farming in 2023.
- Factory farming contributes to methane emissions, deforestation and biodiversity loss, yet projects are being funded by banks like the World Bank’s IFC, who claim to have strong environmental policies guiding their investments.
- Advocacy groups like Stop Financing Factory Farming argue these investments contradict climate pledges and promote emissions-heavy practices.
Key quote:
“It’s a direct investment in the expansion of factory farming. And that’s exactly the [type of] investments we don’t want to see anymore because we believe that the impacts on the local level, but also on the global climate, are very deep.”
— Alessandro Ramazzotti, researcher at the International Accountability Project who spearheaded the report.
Why this matters:
Industrial animal agriculture drives deforestation, pollution, and significant greenhouse gas emissions. Funding such projects undermines efforts to limit global warming to 1.5 degrees Celsius. Redirecting resources toward sustainable practices could curb environmental harm and support global climate goals.
Related: Ending factory farming could mitigate climate change and pandemics
