Despite efforts to boost its influence within climate finance circles and a call to “decarbonise development”, the World Bank continues to support fossil fuels.
What’s the issue? Energy is a crucial economic sector which has a disproportionate influence on…
New edition of the Bretton Woods Project's biannual Climate Investment Fund (CIFs) Monitor, published to coincide with the World-Bank hosted CIFs committee meetings.
Concerns have been raised about a projected shortfall of resources for the Clean Technology Fund, with an early warning mechanism due to be discussed. Questions were raised about development benefits of a Colombia project and on safeguards for a Vietnam project.
The Pilot Program for Climate Resilience has invited new countries apply for participation and is also expanding the private sector set-aside to non-PPCR countries. Biodiversity and gender impacts were questioned on a Grenada project and the gender focus on a Haiti project.
Options for potential new funding for the Forest Investment Program have been further elaborated, including priority rankings for current and potential new pilot countries, however, funding constraints remain and many current projects continue to be delayed.
Indicative funding allocations have been agreed for 14 new Scaling up Renewable Energy Program in Low Income Countries pilot countries, however, cautions remained about “unrealistic expectations” about funding availability. Questions were raised about incentives for diesel in a Kenya project.
World Bank is criticised for focusing on climate-smart agriculture, including industrial approaches, instead of more sustainable agroecological approaches.
Notes from a meeting on the financial system and sustainable development during the World Bank/IMF spring meetings.
World Bank continues to promote putting a price on carbon as a key policy to tackle climate change while critics say it is just a new way of promoting failed carbon markets.