MADRE has signed onto the statement below. Endorsements should be sent firstname.lastname@example.org (the deadline for signatures is 10PM Bonn time Wednesday, June 9, 2010).
Dear President Obama:
The success of global climate negotiations – and the fight against climate change – largely depend on developed countries meeting their responsibilities to transfer hundreds of billions of dollars each year to support developing countries to deal with global warming and to transition to sustainable and equitable economies. This money will only be as effective as the institutions through which it is channeled. We urge you and your negotiating team to publicly state that the World Bank and regional development banks should not have a role in managing global climate finance.
Funding to fight climate change must be managed by an institution that is governed democratically, has environmental integrity, and ensures the participation of local communities and peoples who suffer the impacts of climate change. The World Bank is not that institution.
- The World Bank's track record of imposing policy conditions and programs on developing countries and its undemocratic governance structures seriously discredit the institution. Developing countries, who will bare the heaviest burden from climate change, are the least represented inside the Bank.
- The World Bank continues to be a top financier of fossil fuels. As of April 2010, it had already hit a record high for annual fossil fuel lending, with (US) $4.7 billion primarily for coal.
- The World Bank is not effective in ensuring that communities and peoples determine the policies and programs that impact them.
There is an alternative. We call on the US to support the creation of a multilateral climate fund under the UNFCCC that has an equitable governance structure, prioritizes the participation of affected communities, operates with full transparency and accountability, and provides direct access to funding.
Endorsing organizations so far:
Campagna per la Riforma della Banca Mondiale - CRBM
Freedom from Debt Coalition-Philippines
Friends of the Earth International
Indian Social Action Forum
Institute for Essential Services Reform
Jubilee South- Asia/Pacific Movemen on Debt and Development
Pan African Climate Justice Alliance
Sustainable Energy and Economy Network at the Institute for Policy Studies
Third World Network