World Bank unfit to manage climate funds

World Bank unfit to manage climate funds

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Today the UN climate talks, 142 organizations fighting for climate justice issued a joint statement rejecting any role for the World Bank in controlling climate change finance.

Currently at the negotiations, discussions are taking place about the billions of dollars that industrialized countries are required to provide to developing nations – to enable them to adapt to the effects of climate change and build low carbon economies. On the agenda is how this money should be handled, and how to guarantee that developing countries have direct access to mitigation and adaptation funds.

The World Bank Group is positioning itself to take significant control of climate change financing. The joint statement issued today calls instead for climate funds and their utilization to be fully accountable to the United Nations Framework Convention on Climate Change.

Read the statement here.

Press Release

Posted by Friends of the Earth International