By Emmanuel ENEBELI
ASABA/Nigeria: The World Bank has been accused of negligence and lying to low-income countries, especially Africans in the war against climate change.
The accusation was made by an environmental action group, The Glasgow Action Team to mark the 2022 World Habitat Day, which seeks to draw attention to the growing inequalities and vulnerabilities that have been exacerbated by the triple ‘C’ crises — COVID-19, Climate and Conflict.
The group in a press conference on Tuesday, October 4, 2022, said that the organization has failed in its efforts to end poverty in the World, by 2030, which was its main objective of the operation.
It stated the compound of the problems of the world institution, the issue of climate change had added to its many challenges.
“The Bank’s failure to tackle climate change is the latest challenge where the Bank has come short and failed to deliver to low-income countries.” The group said.
The group stated that one of the areas in which the bank had undermined the fight against climate change is its funding of fossil fuel projects in the world, which it estimated to be $12 billion in United State Dollars since its inception in 35 countries.
It said the bank while funding fossil fuel development, tells the people that the funding is to promote prosperity, whereas this is not the true position.
“The false narrative that fossil fuels will bring prosperity is a harmful distraction from the actual demands of Global South citizens, especially Africans, who want clean, community-owned energy. Also harmful is the Net Zero lie that Big Polluters use to continue polluting while promising unrealistic tree planting schemes that could only feasibly lead to land grabs.” He said.
“For example, it continues to invest in fossil fuels which are driving climate change, at the same time as investing in trying to fix the problems caused by climate change, such as investing $10 million into reversing the degradation of Lake Chad.”
It stated that the bank is doing nothing, but operating with impunity.
“The World Bank is operating with impunity. The vast proportion of the World Bank’s lending and other programme portfolios remain immune from legal action, as does the IMF. This means that its contradictions are not held accountable.”
It also accused the Nigerian authority of trying to prolong the benefits of the war on climate change, with the recent demands by President Muhammadu Buhari for partners to fight climate change in the country.
The group stated that the world is nothing, but a meltdown on climate catastrophe if carbon emission is not cut.
“The science is clear: The world is on a countdown to climate catastrophe if it does not cut carbon emissions. It’s now or never.”
“The World Bank is a major investor of public money into energy projects and sets the norms for other multilateral lenders and crowds in private finance, so it is essential that those running the World Bank acknowledge the real-world impacts of its funding.”
“The World Bank is presided over by David Malpass, appointed in 2019 by the climate-denying Trump Administration which rolled back 100 environmental protections.”
“The appointment of President of the World Bank is always made undemocratically and illegitimately via a ‘Gentleman’s Agreement between the US and Europe.”
“It’s time to update both the job description and selection process to guarantee leadership that is fit for purpose.”
The group, however, gave some recommendations on how to make the World Bank live up to its mandates as follows.
“Stop using public money to bankroll dirty polluters. Sign the Glasgow Clean Energy statement before the next COP and leave fossil fuels in the ground. Close loopholes allowing private lenders and asset managers to continue extracting and exploiting fossil fuels.”
“Align all policies, programmes, and projects into a 1.5-degree roadmap with poverty alleviation at its heart. Prioritise investment in Global South renewable energy projects, with civil society input, toward publicly owned, democratically controlled systems that serve the common good instead of private profit.”
“Stop hoarding reserves and mobilise $1 trillion in new, genuinely green finance.”
“Move away from an extractive model of financing towards delivering a just transition, through investments which benefit people on the poverty line instead of the 1%. Evaluate impact through the lens of sustainability, equity, and justice. Actively champion an independent body to restructure sovereign debt.”
“Raise ambitions so that half of all World Bank financing is on climate adaptation and mitigation, given the scale and urgency of the crisis. Candidates for World Bank Leadership should be accountable and committed to scientific evidence.”
