Carbon markets are struggling. There is a huge glut of carbon credits and pollution allowances. Carbon credits created under the clean development mechanism are trading at €0.07 on the EU emissions trading system (ETS).
Last week, the World Bank’s board met to make a decision on an Inspection Panel report about a Bank project in Kenya. The Inspection Panel’s report accused the Bank of failing to protect the rights of the Sengwer forest indigenous community.
The New York Declaration on Forests was funded by Norway. It was part of a contract between Norway’s International Climate and Forest Initiative and the Meridian Institute, a US-based consulting firm.
The World Bank’s inspection panel has found that the Bank violated its safeguards in a conservation project in the Cherangany Hills in Kenya. Thousands of Sengwer indigenous people have been evicted and their homes burned down.
Gangster Squad is a film set in Los Angeles in the late 1940s. The Police Chief decides to set up a special unit to fight gangster Mickey Cohen. The six members of the police vigilante “Gangster Squad” carry guns but no badges.
Earlier this month, more than 100 people flew to Peru to take part in a meeting in the Hilton Hotel in Lima. While they were there, “they demonstrated that innovative climate finance models can help protect forests and mitigate global climate change”.
“How bad does a company have to be before an arts organisation refuses to be associated with it or take its money?” This question was posed recently by Platform, a UK-based organisation that campaigns (amongst other things) against art sponsorship by oil companies.
“Unless major changes are made in FCPF planning, design and validation of emissions reduction programmes to ensure alignment with the FCPF Charter and international human rights standards, the FCPF Carbon Fund risks enabling seriously flawed REDD pilots that could generate negative impacts on indigenous peoples and local communities as the FCPF moves towards implementation of activities on the ground.”
In his book “Foreclosing the Future”, Bruce Rich notes that one of the lessons of 20 years of the World Bank is “governance first”. Even the best designed projects will fail in the absence of proper institutional and legal capacity.
Bruce Rich’s excellent new book about the World Bank, features two chapters about the Bank’s role in climate and energy finance. Rich describes this as “arguably the most critical and intractable development issue facing the Bank and the world at large as global warming accelerates”.