World Bank Carbon Fund Miserably Ineffective
Environmental and social justice organizations are calling for the close of the World Bank Prototype Carbon Fund which is suppose to fund reductions in greenhouse gas emissions to combat climate change. Not surprisingly, it has become something else – a destructive greenwash. It appears the Prototype Carbon Fund will subsidize the continued existence of highly-polluting industries, furthering environmental destruction and exacerbating existing human rights
violations. One project in Brazil supports the establishment of plantations for the production of iron – to the long-term detriment of local water and native forests. The project site was originally established by evicting its indigenous peoples. And the science behind plantations as a meaningful mechanism to reduce atmospheric carbon dioxide in the long-term is shaky at best. Shockingly but perhaps not surprising, the plantations are independently certified by the Forest Stewardship Council as well managed.
As a former consultant to the Whorled Bank, I was once entranced by the idea that a “green bank” could fund environmentally sustainable development, conservation, protection and restoration. This is clearly not the case as the Whorled Bank continues to subsidize rainforest loss, climate changing fossil fuel projects, and now huge plantations as a remedy to climate change. Environmental reform at the Whorled Bank has failed, and that the Earth's ecological interests now require that the organization be smashed and dismantled. Our alert regarding the World Bank's annexation of the Congolese rainforests to the global growth machine remains current and can be found at http://forests.org/action/africa/ . It has been updated to reflect the concerns above.