World Bank Wants Your Money Because of Climate Change


climate change

The World Bank has concocted a “new” study, Shock Waves: Managing the Impacts of Climate Change on Poverty, declaring that climate change could result in 100 million additional poor people by 2030. A system of development is needed and they are the ones for the job.

First, some history of the World Bank is needed.

The World Bank, around since Bretton Woods in 1944, began with the best of intentions and has undergone massive growth and redefinition over the years. It grew into a global agency in the 1970s under the leadership of Robert McNamara who established the goal of a poverty-free planet in order to redeem himself for the Vietnam War.

It is at heart a fund set up ostensibly as a system of infrastructure development and poverty reduction in the third world.

The institution’s process by which loans are made and the funds distributed to their recipients  is rife with corruption, waste and fraud and at its worst, it underpins the rule of corrupt and tyrannical leaders and has led entire countries into debt slavery.

The World Bank claims to focus on the eradication of hunger, gender equality, environmental sustainability, maternal health and child mortality, communicable disease prevention, and universal primary education in its target countries.

There is no institution that audits them. Officials operate an off-budget system that defies cost control, while others use revolving doors to game the system to make fortunes for themselves or enhance their positions within the bank. Why not track all the cash you ask? Good luck: Bank sources cite up to $2 billion that may have gone unaccounted for recently amid computer glitches, Forbes reported.

The bank, those inside and outside it say, is so obsessed with reputational risk that it reflexively covers up anything that could appear negative, rather than address it.

Donor nations fund the bank with billions of dollars annually, which it then doles out to fight poverty worldwide.

In terms of its governance, the World Bank has always operated under a gentleman’s agreement that allows the U.S.–its largest shareholder with 16% of the vote–to pick its president, while the other 187 member-governments flow into a 25-member board.

The World Bank’’s role is supposed to be only development projects–like building dams, roads, schools, even fish farms–although it has muddied those boundaries over the last 20 years. Unlike the IMF, the bank deals with both the public and private sectors, and as the number of projects and amounts of money have escalated, so has the mischief, corruption and cover-ups, since no agency has the power to audit them according to Forbes.

Hardly a month now passes without an announcement that the World Bank is lending China a ton of low-interest money–say $300 million to clean up a polluted lake–only to watch China turn around a few days later and announce a similar-sized zero-interest loan, or grant, to a poor sub-Saharan nation, winning extra global clout.

The World Bank is a place where whistle-blowers are shunned, persecuted and booted–not always in that order. There is no mechanism by which to report corruption or waste.

Back to the report.

The report used hand-selected studies to review – previous studies – to regurgitate their findings.

The report allegedly shows climate change could result in global crop yield losses as large as 5 percent by 2030 and 30 percent by 2080. It also referenced studies showing warming temperatures could increase the number of people at risk for malaria by 150 million and disrupt agriculture.

It’s an old study with rehashed old information with a newer and more dramatic headline that every mainstream news outlet has picked up and blasted across the Internet.

It’s weeks before the UN climate summit in Paris and it was agenda-driven.

The poor are bearing the brunt, no thanks to them, and the world is unprepared to deal with climate shocks such as rising seas or severe droughts, the World Bank asserts.

“They have fewer resources and receive less support from family, community, the financial system, and even social safety nets to prevent, cope and adapt,” the Washington-based World Bank said.

The rich aren’t doing enough, the poor will suffer more, and the World Bank is here to help but they need billions more in rich nations’ dollars to cure these global problems.

The World Bank says they have the solution. The poor need global healthcare, welfare and “targeted measures to upgrade flood defenses and deploy more heat-tolerant crops could prevent most of the negative consequences of climate change on poverty, the bank said.

Without this, climate change will add 100 million more people to life in extreme poverty by 2030.

The World Bank only used old computer-generated data. There is nothing new here except their desperation.

For instance, from the AP:

The report referred to studies showing climate change could result in global crop yield losses as large as 5 percent by 2030 and 30 percent by 2080. It also referenced studies showing warming temperatures could increase the number of people at risk for malaria by 150 million.

The only difference in this report is that they looked at the poverty impacts of climate change at the household level, rather than at the level of national economies – but with the same old information.

We have pledged $100 billion a year by 2020 but the UN says it’s not nearly enough.

The solution according to the World Bank is money funneled to them for universal medical care, welfare, insect-resistant crops and so on.

The report was commissioned by the Global Facility for Disaster Reduction and Recovery (GFDRR) (managed by the World Bank) and the UK’s Department for International Development (DFID) (funded by UK taxpayers).