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Finance and Climate Change in 2008

by UrskaMerc — last modified Feb 25, 2009 12:20 PM
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Preventing the World Bank from contaminating the climate change agenda

 


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The World Bank is setting itself up to become the world's climate banker. But at the same time, the World Bank is the largest multilateral lender for oil and gas projects and a major deforester, fueling climate change.

The World Bank spends some $1 billion per year on the oil and gas industry.  And these projects don’t increase poor people’s access to energy. More than 80% of all oil projects financed by the World Bank are for export back to wealthy Northern countries. Meanwhile, pollution and social conflicts surround these projects.
 
Despite all of these controversies, the institution attempts to regain relevance in the global arena. It is now promoting itself as a major actor in the fight against climate change.  The Bank has started various initiatives ranging from carbon financing facilities and climate investment funds to a strategic framework on climate and development.

 

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The world bank's climate funds are likely to:

1. increase the global South’s debt burden and force them to pay for the climate crisis that they are not responsible for;
2. place the last remaining forests in so called 'carbon offset schemes', which would undermine Indigenous Peoples’ land rights and do nothing to reduce emissions;
3. finance a version of “clean technology” that includes dirty coal, agrofuels and large hydro dams;
4. dramatically undermine United Nations climate talks.

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read more: why the world bank's climate plans are not a good idea

 
Other resources

 

World Bank links

 

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Protest at the launch of the World Bank's forest carbon facility, Bali 2007

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