World Bank climate profiteering
Bob Morris @ Apr 15th 2008 05:36 - Category: Climate change
How exactly, does this work, you ask?
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.
Except the planet, of course, since this carbon credit shell game does little if anything to mitigate climate change.
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