Early this month, the World Bank announced that it is adopting an action plan that will help countries integrate climate and development in their economic policies. In the next five years, the lending organization committed 35 percent of its financing to bring about climate “co-benefits”.
At a glance, the move is laudable as it projects an image of deep concern for the worsening global crisis that is Climate Change. The World Bank is harnessing its resources to save the planet, which ironically, has been systematically destroyed by development and progress financed by no less than the same institution.
Compounding the issue is the fact that the biggest shareholder of the World Bank is the United States, the second biggest carbon emitter in the world next to China.
And where does this scenario leaves struggling countries, like the Philippines? At the very least, the resources from World Bank will trickle down to the Third World and spur initiatives aimed at healing the planet. Organized advocacies for the environment, possibly, will have access to some funds to further its cause.
But since the transactions will mostly likely pass through official networks, meaning agreements between the World Bank and the government, understandably, we can’t get our hopes up, just yet.
From experience, we have seen how well-meaning programs and projects fall by the wayside even before these can take off. Thanks to layers of corruptions on this side of the planet.
Nevertheless, the initiative from World Bank provides a ray of hope, an intervention that is very much needed as the effects of Climate Change are universal and inescapable. With luck, the planet might just survive the onslaught of destruction from its inhabitants. – NWI
