Friday, April 11, 2008

New Institute for Policy Studies Report: "World Bank: Climate Profiteer"

Stephen Colbert famously claimed at a whitehouse dinner for the press corp that 'facts have a well known liberal bias'. On that basis the IPS is a liberal thinktank but in reality as notable by the funding levels, the IPS isn't an instrument for funding policy for the wealthy elite who simply differ in views from conservatives, unlike some thinktanks there isn't much corporate funding to be seen.

IPS have just released a report into the World Banks involvement in carbon markets. It's a bit of an odd one really, they are both funding the most polluting and destructive practices around, and projects to reduce the level of carbon. They proffit handsomely in the latter!

“World Bank: Climate Profiteer,” a new report from the Institute for Policy
Studies, shows how the World Bank’s growing engagement in carbon markets is
dangerously counter-productive. The Bank’s $2 billion, and growing, carbon
finance portfolio is forging a path through the $60 billion international carbon
market toward a dirty energy future. And while the World Bank continues to fund
greenhouse gas-emitting coal, oil and gas projects, it skims an average 13% off
the top of carbon deals. That means an estimated $260 million in the Bank’s
pocket. The report recommends that the Bank get out of the carbon markets, stop
fossil fuel financing, and begin to calculate its own significant impact on the
global climate.

Download IPS Report.
Read two page commentary on the report.


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