The Clean Technology Fund (CTF), one of the controversial Bank-housed Climate Investment Funds (CIFs, see Update 75, 73, 68), was a victim of the 2011 US budget deal, which passed in April. The US has pledged $1.4 billion to the CTF. US president Barack Obama requested a $400 million 2011 disbursal of this pledge, but negotiations between the Democratic party-controlled Senate and Republican party-controlled House of Representatives resulted in a budget allocation of only $185 million. This was not as radical a reduction as that proposed by Republicans, who initially called for a complete axing of funding to the CTF.
EarthRights International examines how the Jam v. IFC case has helped to shift the landscape of accountability for international financial institutions by successfully challenging their claim to “absolute” immunity in US courts, potentially opening IFC up to further legal challenges in future.
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