The main source of CO2 is from fossil fuels such as coal, oil and gas. Throughout the entire negotiation process for the Climate Convention, developing countries opposed the World Bank administration of the GEF because of its previous record. This opposition continues. Greenpeace believes that the World Bank's responsibilities under the Climate Convention to cut CO2 cannot be carried out unless the same policies are applied to the rest of its work. The World Bank continues to fund almost exclusively fossil fuel energy projects, even with the knowledge that it will add to the global increase in CO2 emissions.
Huge energy saving potentials in developing countries remain untapped.
The largescale coal, oil, and dam projects financed by the World Bank for over 30 years have had tremendous social and environmental impacts, not only in the sphere of climate change. Millions of people's lives and culture have been completely disrupted, and entire ecosystems have been destroyed. Whole sector loans do not even receive Environmental Impact Assessments. This will be the single biggest new source of greenhouse gas emissions on earth. India's coal-fired power plant expansions will produce an annual minimum 100 million tonnes of CO2.