NGOs Tell World Bank to Stay Out of Climate Finance Management

A factory emits clouds of smoke in Estonia. The World Bank should not be given control over the fast-start climate finance, according to ActionAid and other non-governmental organizations. Photo by: Curt Carnemark / World Bank

The World Bank should not be given control over the fast-start climate finance promised by developed countries, ActionAid and several of its partner non-governmental organizations have argued.

“The World Bank is simply the wrong institution to manage funding for climate change. How can we trust an institution with such a poor track record in involving affected communities in its work; it continues to violate the polluter pays principle by offering loans to help countries adapt to the impacts of climate change, and continues to exacerbate the climate crisis by investing billions of dollars worth of dirty fossil fuel projects?” Ilana Solomon, ActionAid’s policy analyst, said according to the Pan African News Agency.

ActionAid and its partners are campaigning instead for the creation of a Global Climate Fund under the Conference of Parties, the governing body of the U.N. Framework Convention for Climate Change.

Solomon explained that the fund should be created through “an inclusive, open and transparent process.” It’s governing structure should include developing countries and members of civil society, she added.

Climate change negotiators and environment ministers are in Cancun, Mexico, for the 16th round of talks under UNFCCC. The World Bank has launched a fund to support carbon trading initiatives at the sidelines of this summit, which ends Dec. 10.

>> World Bank Formally Unveils Carbon Fund

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    Ivy Mungcal

    As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.