By Chris Lang, February 25, 2014. Source: REDD Monitor
Bruce Rich’s excellent new book about the World Bank, features two chapters about the Bank’s role in climate and energy finance. Rich describes this as “arguably the most critical and intractable development issue facing the Bank and the world at large as global warming accelerates”.
Foreclosing the Future: The World Bank and the Politics of Environmental Destruction builds on Rich’s 1994 book, Mortgaging the Earth. Unfortunately, in the intervening years, the Bank has learned few lessons and continues to finance socially and environmentally destructive projects. The Bank’s role on climate change has been to cook up carbon trading schemes which not only fail to address climate change, they actually make matters worse.
This post looks at Rich’s chapters: “The Carbon Caravan” and “A Market Like No Other”. A forthcoming post will focus on Rich’s analysis of the World Bank’s role in REDD.
The World Bank didn’t produce a climate strategy until 2008 – 16 years after the Rio Summit and the negotiation of the UNFCCC. Perhaps surprisingly the climate strategy did not recommend a stop to funding climate damaging projects. Instead, Bank management decided that, Continue reading