Oh Goody! Wolfowitz Will Urge World Bank Assistance On Global Warming

[hatrack]

WASHINGTON (Reuters) - "World Bank President Paul Wolfowitz on Friday said the multilateral lender wants to help foster discussion among industrialized nations and emerging market countries such as China and India on tackling global warming. In a telephone interview with Reuters from Gleneagles, Scotland, where a summit of Group of Eight leaders had just concluded, Wolfowitz said the World Bank was asked to develop a framework for mobilizing investment in clean air technologies by November.

"If it went really well, it might create a framework for agreeing on some of the more difficult choices," he said. At their summit, the United States, Britain, France, Germany, Italy, Russia, Canada and Japan agreed to promote cleaner technology and energy efficiency, but steered clear of the Kyoto Protocol on climate change, which the Bush administration has refused to sign.

EDIT

The World Bank, which boasts some of the world's most foremost experts on climate change, is one of the largest investors in alternative energy and spent more than $6 billion since 1990 in energy efficiency and renewable projects in developing countries. (ed. note - that amounts to about $400 million annually, equivalent to the costs of occupying Iraq for about three days).

It has warned that the steady warming of the Earth will increase disease, affect farming and kill off ecosystems."

EDIT

Gosh, I feel safer already now that Wolfie's on the job.

http://thestar.com.my/news/story.asp?file=/2005/7/9/worldupdates/2005-07-09T031400Z_01_NOOTR_RTRJONC_0_-208733-2&sec=Worldupdates

[acmejack]

1. Wolfie is more like a pawn broker offering payday loans.

Usury r Us

[American in Asia]

2. Not such a factual criticism, IMO

Usury = exhorbitant rates of interest.

WB rate to middle income countries: WB's cost of borrowing (very low) plus 50 basis points (0.5%) over something like 15-20 years.

And to low income countries - a total of 0.75% interest over 30-40 years. And that's if they aren't grants, which virtually all of the climate change work of the World Bank has been.

Many things can be said in criticism of the international financial institutions - but even if usury sounds good, it simply isn't accurate.

I think their climate change work is pretty much acknowledged to be good by most WB critics (esp. environmental NGOs) things like the Carbon Fund that is totally grant, and the Global Environment Facility (also grant-financed).


Now if you want to talk about structural adjustment, debt, dams, power projects.....well, those arguments are easier to find backing for in many places.

[acmejack]

5. Referencing a pay day loan at a pawn broker

as in shylock like. The world bank is and has always been a implement employed by the corporatists in stealing developing countrie's natural assets.

I appreciate both the definition and admonishment

[HysteryDiagnosis]

3. Speaking of dat.... how do the freepers feel about usury?? What does

their good book tell them about it???


www.corpwatch.org

[TomClash]

4. That will ensure the planet will get warmer

[cprise]

6. I see PR budgets rising

...not just the temperature.