A spate of stories in the media recently provides a remarkable illustration of how the globalist policy agenda of the climate-industrial complex has captured key international institutions and perverted their original organizational aims. From initially serving broad, laudable objectives for the welfare of their constituents, these institutions have been subverted over the years to serve the insistent pseudoscientific claims of climate alarmists.
The corruption of global institutions has, in turn, led to significant opposition that is becoming apparent. There is the prospect of an incoming Trump administration that is avowedly skeptical of the claims of an alleged climate crisis and is intent on exiting the U.N.’s Paris Agreement and its “net zero by 2050” policy target for a second time. This presents a welcome challenge to these corrupt institutions. Will President Donald Trump and some of the populist parties in Europe be capable of countering the entrenched globalist climate agenda?
The World Bank
On Oct. 17, Oxfam published a report that shockingly found that up to $41 billion in World Bank climate finance—nearly 40% of all climate funds disbursed by the World Bank over the past seven years—is “unaccounted for between the time projects were approved and when they closed.” In other words, no one knows how the money was used. There is no paper trail revealing where the money went or what the accomplished results were.
Green cronyism, ranging from the Solyndra debacle—the waste of almost half a billion dollars of taxpayers’ money on a failed solar farm project under President Barack Obama’s watch—to President Joe Biden’s duplicitously-named Inflation Reduction Act, which will unleash an estimated $1 trillion deluge of subsidies on favored “green” industries, is nothing new. But it is instructive to trace the World Bank’s decline from its honorable founding objectives to its current status as yet another institution advocating green causes.
Dr. Jim Yong Kim, reflecting the progressive virtues of Obama, who appointed him as president of the World Bank in 2012, imposed a ban on the financing of coal-fired power stations in 2013. This was followed by a ban on investments in all new upstream oil and gas resource development projects. […]
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