July: g8 leaders urged to dump world bank's climate investment funds
The funds - criticized by developing country governments - will be used to finance so-called clean technology including coal and agrofuels, and loans for adapting to climate change and to set up carbon trading schemes that allow industrialized countries to buy their way out of emission reductions.
Friends of the Earth US spokesperson Karen Orenstein said that G8 leaders did nothing at their meeting to stop the toll that global warming is taking on people and the planet.
“G8 leaders have signaled their support for climate chaos by spewing futile rhetoric that will do nothing to stop the toll that global warming is taking on people and the planet. By giving support to the World Bank, the world’s largest multilateral fossil fuel financier and major deforester, for its ill-conceived and unjust climate funds, G8 leaders have left the fox to guard the hen house.”
“The climate funds undermine United Nations climate negotiations, promote dirty industries like coal and force developing countries to pay for the industrialized world’s pollution by providing loans for them to adapt to the climate crisis. The World Bank is a spectacularly unqualified institution to address climate change, and the G8 summit has been a spectacular failure in addressing the climate emergency.”
During the G8, La Via Campesina, Focus on the Global South, Friends of the Earth International and other social movements and civil society organisations highlighted how corporate-driven policies being pushed by G8 nations are having serious negative impacts on communities and their environment around the world. Friends of the Earth Japan held parallel events demanding climate justice, opposing the World Bank's climate funds, and highlighting the dangers of the rush for agrofuels.
More information on the World Bank's climate investment funds can be found here.