It would be one thing if the World Bank was actually doing something beneficial with the stupid amount of money they are pledging towards ‘climate change’, but, we all know that at least 60% is going into graft, waste, and abuse
US pushes World Bank climate target to the brink
The fate of a World Bank climate target is hanging in the balance as the Trump administration pressures the institution to jettison what it calls a “distortionary” and “nonsensical” policy.
The bank pledged three years ago to devote 45 percent of its funding to climate-related projects by 2025. It exceeded that goal by directing $39.2 billion, or 48 percent of its financing last year, to projects with climate benefits.
Can we get a full audit on how it was spent? How much actually went to the projects and how much went into people’s pockets?
It came as the Trump administration has called on the institution to abandon the target and increase the number of natural gas projects in its portfolio. Now, the bank is confronted with difficult choices as it races toward the climate target’s expiration on June 30, with management leaving the issue in the hands of the bank’s board of directors, according to three people who were granted anonymity to talk about internal discussions. The board meets this week.
“There has to be some compromise cooked up and that comes to the board, but at the moment, management is waving it away, and the U.S. is no, no, no and no,” said one official who represents a developed country.
The US has the largest contribution of any company, right around 17% of their funding, and because the US has 17.5% of the voting power, this gives Trump essentially veto power, as major institutional decisions require an 85% majority.
In a statement emailed over the weekend, a Treasury spokesperson said the U.S. “looks forward to the World Bank removing its 45 percent climate finance targets and refocusing on its core mission.”
“We are engaging extensively with other Board Members and [capitals] to return the World Bank back to its core mission of reducing poverty and increasing economic growth, and we expect the Bank will abandon its pursuit of arbitrary climate financing targets that do little to lift people out of poverty,” the spokesperson said.
And the core mission without all the waste, graft, and abuse.
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