World Bank is looked upon as a samaritan to save the world and fund projects which really need the kind of attention to areas that are important in today’s context, be it development, environment, health, and so on. IFC, the corrupt arm of World Bank has been given a huge and important task of managing international carbon funds.
If you didnt know already, palm oil plantation has been a cause of worry for many, if not humans, the huge population of innocent orangutans who find their home in these palm trees.
The time has now come when the world bank has to end financing palm oil and work on measures to stop forest degradation, in effect manage carbon monies.
“The World Bank Group’s International Finance Corporation (IFC) ignored its own environmental and social protection standards when it approved over a twenty year period nearly $200 million in loan guarantees for palm oil production in Indonesia,” say reports.
Though there has been a temp freeze on any fresh investments into this, there should be a way to stamp this out and end. Rainforests are important to us for they hold up large amounts on carbon di oxide and if they are not protected, imagine what will happen to the carbon that lies trapped in vast lands of forests.
It has been noticed that the money which has gone from IFC for this project has been used to chop off primary forests ans take away the lands of people for free. It becomes quite obvious that World Bank cannot just manage the project of climate change and on the same hand, invest in projects that cause it! That sounds absurd, impractical and most importantly unethical. If they are unable to do this, they should just withdraw themselves! What say people?