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The Bank of the World!

11/16/09

Tyler Hess Louisville, KY, USA

 

When discussing world-wide development funding, the World Bank is almost always discussed. Members of the Executive Board of the World Bank recently attended the Climate Change Talks in Barcelona, Spain and held a press conference detailing the following interesting information.

Surprisingly, the World Bank has now devoted a section of its income to sustainable development. It’s specific goal is to develop a low carbon economy throughout the world, if possible. So far, the fund has appropriated 1.1 billon for Africa. That amount further breaks down into:

$500 million will be given to South Africa for an investment plan in renewable energy,

$150 million towards Morocco,

an undetermined amount to Egypt for developing their power sector, and

the rest going towards Mozambique, Niger, and Zambia for integrating climate resilience into national programs.

Another part of the program that the World Bank is working on involves balancing developed and developing countries governance with respect to fund donating. “Sufficient funds can have real results,” the Bank implied. Yet, it’s about getting that money from the donors, to the World Bank, then to the country in need, and then making sure that the money will be used effectively and democratically.

Specifically, a question was then asked about handling funds and what is happening internally. Within, the World Bank has named their funds for sustainable development as the “Climate Integration Funds” and thus far, has over 8 billion dollars committed to it in “secure pledges.” When pressed, the World Bank confirmed that they have less than $800 million ‘in pocket’ for these sustainable development projects. However, with the secure pledges, they have a plan:

$5 billion will be used for investment in clean technology (no definition given),

$1.3 billion for a strategic climate fund which has 3 sub categories:

      1. climate resilience
      2. a forestry fund
      3. investing in renewable energy, only in LDCs

$2 billion for carbon finance.

After detailing their financing directives, the Bank was pressed on if these meager projects were enough. Responding, the Bank said that “what we’re doing now will probably inspire more public funding in the future.” As with many other aspects of the climate change subject, only time will tell the real truth.

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