The World Bank’s compliance body, the Inspection Panel (IP), has received a request for inspection from farmers who reforested land in India as part of a Bank carbon sequestration project, under the BioCarbon Fund (see Update 79). The farmers claim the Bank failed to “respect the timeframes for the validation and verification of the emission reductions, which generate the carbon revenue”. According to the request, by the time revenue was released, some farmers had harvested and sold their trees, as set out in the project design document, but the Bank was only willing to pay those whose plantations were still standing. The IP is expected to submit a report to the Bank board on the request’s eligibility by mid October.
IMF and World Bank policies and programmes work in tandem to expand and deepen financialisation, exacerbating the inequality crisis and harming human rights, financial stability and democratic governance
Donate to the Bretton Woods Project
Established in 1995, the Bretton Woods Project (BWP) is a civil society watchdog of the International Monetary Fund and World Bank. By monitoring the work of these institutions, supporting and connecting critical civil society communities, and advocating for transformational change, the Project challenges their power and fights for the development of policies that are gender transformative, equitable, environmentally sustainable and consistent with international human rights norms.