Over a month ago, I wrote about how the World Bank is investing heavily in fossil fuel development, thus going against its green pledge.   Well, I may have spoken a little bit too soon, as Reuters reports “World Bank funding for efficient and renewable energy rose 87 [percent] this year to nearly $2.7 billion.”  Ha HA, they schooled me.

This 87 percent jump in fiscal year 2008 (which ended June 30, because financial institutions get to do whatever they want) follows a 67 percent jump from 2006 to 2007.  So how did this $2.7 billion get spent?  Well, let me tell you!

– $1.1 billion for energy efficiency;
– $476 million for new renewable energy projects including wind, solar, biomass, geothermal and hydropower projects that will generate up to 10 megawatts per facility;
– $1 billion for hydropower projects with capacities of more than 10 megawatts per facility.

By my math, that doesn’t quite make it to $2.7 billion, but who’s really counting?

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The World Bank’s stated goal is to provide economic assistance to developing nations so these countries may rise above poverty. While this noble goal may not always be congruent with battling global warming, last year World Bank President Robert Zoellick stated the bank would “significantly step up our assistance” in combating climate change. However, Bloomberg News (via the Pittsburgh Tribune-Review) tells us that “the development institution is increasing its financing of fossil-fuel projects around the globe.”

One such project is the Tata Ultra Mega power plant in India, which just sounds massive. Once fully operational in 2012, the plant will be one of the top 50 greenhouse gas emitters in the world. And the World Bank is giving a lot of support.

The $4.14 billion, coal-powered Ultra Mega plant will emit more carbon dioxide annually than the nation of Tunisia, according to the U.S. Department of Energy. The World Bank in April agreed to provide $450 million in loans and guarantees for the project and also may buy a $50 million stake in it.

The logic, for the World Bank, is simple. To recoup the money they invest as quickly as possible, so they can lend more money, the Bank needs to invest in short-term things, such as power plants, not renewable energy.

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The World Bank continues to lack an environmental focus when it finances projects around the world. The New York Times explains a report released on Tuesday that shows of the $400 billion in investments between 1990 to 2007, pledges for environmental sustainability by the bank were often not put into practice when dollars were turned into dams, pipelines, palm plantations etc. It is critical that the environment is a priority in every step of the lending latter. From how sustainable the idea is to monitoring the how the environment is effected when the project is carried out.

They need to begin to see the inextricable link between sustaining environment and reducing poverty, Vinod Thomas, the director general of the evaluation group, said in an interview. It is clear now from the Amazon to India that if environmental sustainability is not raised as a priority, then all bets are off.

Reuters reports that he bank’s official estimate for funding programs specifically aimed at helping the environment is $59 billion from fiscal 1990 to 2007. But the report shows that only $18.2 billion went to projects deemed to be at least 80 percent environmental in nature. The other 40.8 billion went to projects with a smaller environmental component.

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1) Christina Aguilera Rocks the Vote

For the Cinema YouTube Video of the Day, Click here>>

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*Bye-bye bananas?! Will bananas disappear by 2010?

*Hundreds of farmers from 26 countries worldwide are gathering in Jakarta for an International Conference on Peasant Rights, from June 21 to 25.

*Turkey is not prepared for global food crisis

* When inflation means starvation- giving timely assistance to ward off further suffering among the world’s poor has become a moral obligation.

* The World Bank estimates that high food prices will quickly pull 100 million people back below the poverty line.

* UK food production industry will see a spike in food industry mergers and acquisitions over the next two years

* It would cost $30 billion a year to solve the food crisis.

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*U.S. Corn Crop Could Decrease by 10% Further Fueling the Great Ethanol Debate

*Uganda ‘happy’ about food crisis. Why? Because the president hopes the food crisis will prompt the removal of trade barriers, allowing countries like Uganda to profit from food surpluses.

* Tomatoes become scarce among local businesses in the US

* In the UK, Tories argue that Govt making world food price crisis worse “As food shortages take hold across the world we should be looking to optimise domestic production and relieve pressure on world markets,” says agriculture minister Jim Paice.

* The World Bank Group announced today it would support global efforts to overcome the global food crisis with a new $1.2 billion rapid financing facility to address immediate needs, including $200 million in grants targeted at the vulnerable in the world’s poorest countries.

*S. Korea looks to fresh start after beef crisis

*Cyclone-hit Myanmar has enough rice to feed its people, the ruling junta said on Wednesday, accusing foreign aid agencies of presenting a false picture of the devastation in the Irrawaddy delta rice bowl.

*The famine in Ethiopia this year is the worst to hit the country since 2003. Officials estimate Ethiopia needs 300,000 tonnes of food supplies to last until the next harvest, due in September. They are warning that tens of thousands of children could die unless help arrives soon. The World Food Programme says about £73 million is needed to feed children at risk of starvation.

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Related:

Global Food Crisis Update

A slew of celebrities including Harrison Ford, Bo Derek and Robert Duvall have come together to support the World Bank on Monday in their mission to help save tigers from becoming extinct. The World Bank is mostly known for its efforts to mitigate poverty around the globe, but it has also taken on wildlife conservation efforts with the help of governments and scientists. Their new Tiger Conservation Initiative aims to tackle threats to tigers like the illegal trade of their skins, meat and body parts, which are used in traditional Asian medicine.

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