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.
