The World Bank, known for its controversial history, now manages a climate reparations fund, sparking debate over its suitability for this role.
Naveena Sadasivam and Lylla Younes report for Grist.
In short:
- The World Bank, with a history of questionable impacts on developing nations, is now overseeing a climate reparations fund, raising concerns about its effectiveness and trustworthiness.
- Developing countries express distrust in the World Bank due to its U.S.-dominated structure and past failures, fearing the fund's management may not align with their needs.
- The fund's bureaucratic and costly management style, coupled with the World Bank's track record in fossil fuel investments, adds to the skepticism about its role in combating climate change.
Key quote:
"The structure of the international organizations [like the World Bank] reflects a global power structure that is no longer the case, no longer true."
— Paul Cadario, Distinguished Fellow, University of Toronto
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