World Bank Group To Invest $200 Billion in Renewable Energy, Climate Change Mitigation
The World Bank is a large and interesting organization. As they introduce themselves on their website: With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries.
Given that, it’s no wonder that these folks are focusing so intently on mitigating the effects of global warming, since it hits poor countries hardest, with devastating storms, droughts, and eventually, displacement via sea-level rise. Here’s a story about their plans to invest $200 billion into renewable energy, so as to reduce greenhouse gas emissions that would have accrued from fossil fuel consumption, as well as to stimulate the so-called green economy, i.e., one that aims at reducing environmental risks and ecological scarcities, and that aims for sustainable development without degrading the environment.
I was on a radio program a few years ago where I sat on a panel of perhaps five. The live-wire host began the show with, “We’ll get started with a definition of the word “sustainability,” and for that we’ll turn to….he pointed at my nose and shouted at the top of his lungs….Craig Shields!!! When I composed myself after laughing out loud at this hijinks, I explained, “There are several ways to explain the notion of sustainability, but the one I like best is ‘a generation’s meeting their needs without compromising future generations’ ability to meet theirs.'”
It’s good to know that organizations like the World Bank have both the focus and the clout to make a difference here. Godspeed.
Craig,
In many ways the World Bank is fine and even noble concept. The Bank was a British idea, but funded by the US.
How the Bank operates, has never been without controversy. Critics of the World Bank are concerned about the conditions imposed on borrower countries and cultural inference.
The World Bank often attaches conditions based on ‘Washington Consensus’. Until recently that focused on globalization of trade, investment and financial deregulation, and democratic political reforms.
Often the result of these measures resulted in catastrophic disruption and upheavals with negative consequences. The BAmkl often disregarded the borrower countries’ individual circumstances the World Bank’s prescriptive conditions result in destructive conflicts lasting decades.
These circumstances can portray the World bank, like the IMF as new form of colonialism.