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GUEST: Janet Redman, Researcher at Sustainable Energy and Economy Network

The threat of global warming is being underestimated by the European Union and its international partners according to one of the world’s leading climatologists. Dr. James Hansen alongside other climate scientists suggested that carbon dioxide emission targets set by the EU are too conservative and guarantee a future disaster. Meanwhile, as the need to reduce carbon emissions becomes more urgent, a new report released today by the Institute for Policy Studies states that the World Bank is “a climate profiteer.” By analyzing the international banking institution’s role in the carbon finance market, the report argues that the World Bank is counter-productive. At least three-quarters of the bank’s two billion dollar carbon finance trust funds portfolio is channeled into coal, steel, iron and chemical industries while renewable energy resources receive less than ten percent. Due to a lack of transparency, whatever data is available fails to show neither significant reductions in greenhouse gas emissions nor any benefits to poor communities in the global south due to the bank’s carbon funds. The report concludes that the World Bank should stop financing fossil fuel industries and implement accountability measures for donors.

For more information and to download the report, visit www.seen.org and www.ips-dc.org.