"Quite simply: The Bank finances a fossil fuel project, involving oil, natural gas, or coal, in Poor Country A. Rich Country B asks the Bank to help arrange carbon credits so Country B can tell its carbon counters it's taking serious action on climate change. The World Bank kindly obliges, offering carbon credits for a price far lower than Country B would have to pay if Country B made those cuts at home. Country A gets a share of the cash to invest in equipment to make fossil fuel project slightly more efficient, the World Bank takes its 13% cut, and everyone is happy.
Everyone, that is, who is cashing in on this deal. If you're after a real solution to the climate crisis, these shenanigans can and should make you unhappy."
Subscribe to:
Post Comments (Atom)
+081.jpg)
Posts
No comments:
Post a Comment