World Bank is unfit to manage new global climate funds, say 142 organisations

The Ecologist

| 19th January 2009

Environmental groups were pleased at the end of 2007 when the UN announced that its under-resourced adaptation funds - established to help less-industrialised nations adapt to the effects of climate change - were to receive a cash injection.

But they were dismayed to discover in 2008 that the organisation holding the purse-strings would be none other than the World Bank - not renowned for its track record in sustainable development.

Now, 142 organisations have signed a statement declaring that the World Bank is unfit to manage the funds. They argue that the funds would conflict with separate funds which the Bank already operates; that the Bank has serious conflicts of interest between tackling climate change and funding fossil fuel projects and deforestation; and that the organisation is undemocractic and unaccountable.

Lidy Nacpil, coordinator of the Asia/Pacific Movement on Debt and Development, said:
‘It is sheer hypocrisy for the World Bank to claim any role in supposedly assisting the South in addressing the climate crisis when it continues to finance environmentally destructive projects and policies.’

Read statement here

This article first appeared in the Ecologist January 2009

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When bad news is good news

Isabel Hilton

| 15th February 2008

There were deaths, pollution and substandard goods, but last year’s slew of negative
publicity may have encouraged China to face up to its responsibilities, says Isabel Hilton
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Noreena Hertz

| 1st December 2004

As the world’s poorest countries sink further and further into debt, Western corporations grow fat from government-backed projects that fuel conflicts, harm the environment and have built-in kickbacks.
Trade in precious minerals and timber continues to fuel violence and conflict across the globe

The Ecologist

| 1st June 2008

Revenues obtained from the often illegal extraction and supply of commodities such as timber and diamonds are directly bankrolling corrupt regimes and armed insurgency groups, and fund the purchase of weapons and other contraband goods that perpetuate cycles of conflict.

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