climate change

The World Bank announced this week that it is to make about $200bn available to fund action on climate change. In making the announcement,  Jim Yong Kim, the president of the World Bank, stated: “This is about putting countries and communities in charge of building a safer, more climate-resilient future.” The announcement has been greeted with universal approval with many arguing that the Bank is taking a strong lead and sending a strong signal to private sector financiers.

But before we all start rejoicing to hard, it is worth noting that the World Bank has a long history of saying one thing and then doing the opposite. For example, in 2015 the very same Mr Kim announced a five-point plan to deliver low carbon growth, including a call to end to fossil fuel subsidies, only for it later to be discovered that the Bank had supported the development of fossil fuels to the tune of $3.4 billion, a 22% increase on the previous year.

The current economic crisis is entirely a product of capitalism itself, spawned by the inherent instability of “boom and bust”, the signature of an insane and immoral system of organising society. But even in the best of the boom times crisis has never been too far removed from the relentless exploitation of resources, both human and natural, in the mad pursuit of profit for the rich and powerful. That this system has brought us to the brink of disastrous climate change is now beyond doubt.

In the face of climate change, big business prefers to fiddle while the world threatens to burn. However, the economic climate is only exacerbating the situation. A prime example of this is the European Union pact on climate change concluded in December last year. Corporate predictions of job losses, warnings of increased costs, and threats to move out of Europe have easily persuaded servile politicians to water down the original proposals.