Global oil and gas company BP has pledged $5 million to the Bank’s Forest Carbon Partnership Facility (FCPF). BP will finance the FCPF’s carbon fund, which facilitates the sale of forest carbon credits from participating countries to investors. The company will reportedly be able to offset its own emissions through the fund, or profit from its involvement by buying credits and selling them on open markets. “BP should focus on cleaning up its own act, including the still highly polluted Gulf of Mexico, instead of engaging in forest carbon offset credits to avoid meeting climate goals. The carbon fund is almost entirely public money and cannot be used to bail out dirty industries like BP” said Kate Horner, of Friends of the Earth US.
New BWP briefing offers critical gender analysis of World Bank lending instrument to borrowing countries.
At 75, the World Bank and IMF face a crisis of multilateralism in no small part of their own making as failed economic policies have resulted in skepticism of the international order they helped to create.
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