exposing ineffective climate change policies in international financial institutions
FoEI monitored the World Bank's framework on 'clean energy investment' and the emissions-trading schemes promoted by the various international financial institutions (IFIs). The World Bank’s Climate Investment Funds (CIFs) were a key focus: FoEI actively engaged in different decision-making arenas to express our concerns about the Bank's proposals. FoEI believes that the World Bank is the wrong institution to manage climate change funding. It has unequal decision-making structures, continues to invest massively in fossil fuels, and considers coal a potentially clean source of energy.
FoEI is experienced in and has therefore been able to target both climate and finance decision-makers on this issue. In 2008, we ensured we had a strategic presence at all relevant decision-making arenas. FoEI made an official CIF-related intervention in the May 2008 climate change talks in Bonn, Germany, coinciding with a US Congressional Hearing on the Clean Technology Fund. We also took our messages to world leaders at the G8 summit in Hokkaido, Japan in July and were also present at UN climate talks in Accra, Ghana in August, where we confronted governments and the World Bank with our concerns. During the October 2008 annual meeting of the World Bank, our public panels, media work and advocacy also focused on the World Bank’s climate funds and their definition of clean coal. Finally, we issued a joint statement at the Poznan climate talks, along with 140 other organizations, calling for climate funds and their utilization to be fully accountable to the United Nations Framework Convention on Climate Change. (See: http://www.foei.org/en/what-we-do/finance-and-climate-change)
FoEI also exposed the myths that fossil fuels are central to development. FoEI believes this assumption is misguided on both climate and development grounds and subsidies to the fossil fuel sector must be ended. Together with WEED, Oil Change International and APMDD Jubilee South we published concise arguments about the link between oil and poverty. The briefing was distributed at the 2008 ADB annual meeting, the July 2008 conference in the Netherlands on 'The Future of the World Bank', and at national decision-making meetings. Organizations like Oxfam requested copies to support their own advocacy work.
FoEI also challenged the Asian Development Bank during its annual meeting in Madrid, in May 2008. The ADB issues calls for clean energy investments to fight global warming, yet continues to extend massive levels of funding to support dirty coal projects in Asia.