Global oil and gas company BP has pledged $5 million to the Bank's Forest Carbon Partnership Facility (FCPF).
As civil society groups and developing countries continue to warn against World Bank influence in the design and management of the new Green Climate Fund (GCF), further criticism is emerging of existing Bank climate initiatives.
Notes of meeting, Washington DC, April 14, 2011
Early April saw the launch of the new World Bank Group strategy for engagement in the palm oil sector, which failed to resolve civil society concerns over several issues, including the rights of indigenous peoples and how performance standards will be applied across supply chains.
The World Bank has come under fire for its Inspection Panel's decision on the forestry sector in Liberia, while new reports from civil society groups add to the growing backlog of criticism over the Bank's Forest Carbon Partnership Facility (FCPF).
On February 2nd 2011 civil society organisations held a meeting with the UK Executive Director to the World Bank and staff from the Department for International Development to discuss the formation of the new Green Climate Fund, the World Bank energy startegy review, and the role of the private sector in World Bank lending.
The International Finance Corporation (IFC), the World Bank's private sector lending arm, has been accused of neglecting the rights of indigenous people in the Philippines.
The Climate Investment Funds (CIFs) are financing instruments designed to pilot low-carbon and climate-resilient development through the multilateral development banks (MDBs). They are comprised of two trust funds - the Clean Technology Fund (CTF) and the Strategic Climate Fund (SCF).
This paper outlines the World Bank's involvement in the carbon market and reviews concerns about its impacts on greenhouse gas emission reductions and development.
A much awaited November report from the UN high level advisory group on climate change finance (AGF) drew criticism for recommending an increasing role for multilateral development banks (MDBs). The noise generated by the report also highlights concerns about the development of a new fund hoped to be decided in Cancun, additional trust funds announced at the Bank and the continued roll-out of the Bank-housed climate investment funds (CIFs).