Essay by Eric Worrall
Bad timing? As GOP leaders retake control of Congress, Barbados chose now to pitch for more money for climate action.
Tackling climate change will require reforming the World Bank and IMF – here are two options
Published: November 26, 2022 2.44am AEDT
Nicola Limodio
Assistant Professor of Finance, Bocconi University…
At the start of the conference, the prime minister of Barbados, Mia Mottley, proposed a way to kickstart this process by reforming two of the largest financial institutions: the World Bank Group and the International Monetary Fund (IMF). Her plan, known as the Bridgetown initiative, would mobilise more than US$1 trillion from the World Bank among other development lenders and US$500 million from the IMF.
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The World Bank disbursed more than US$60 billion in 2022. This amount can be increased in two ways.
First, high-income countries could bring fresh funds to the World Bank. The organisation would in turn use this to offer grants and loans to low and middle-income countries with a zero interest rate (or close to). But this process is open to political influence which might prioritise objectives other than mitigating climate change, like expanding primary education.
Second, the World Bank could act without receiving additional capital from governments. Instead, it would borrow from financial markets and use these funds to lend to low and middle-income countries. In the short term, this would meet the demands from delegates and activists at COP27 that the World Bank give more loans and take more risk. But this is not a long-term solution. Issuing debt may increase the World Bank’s cost of financing, which would eventually be passed on to those borrowers.
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Read more: https://theconversation.com/tackling-climate-change-will-require-reforming-the-world-bank-and-imf-here-are-two-options-194757
I’d love for the World Bank to embrace option two, and take on a trillion dollars of unfunded debt. Can you imagine the hilarity which would ensure if the GOP cut off funding, and refused to repay that debt with American taxpayers’ money? Anyone crazy enough to advance money to an institution like the World Bank in the current political environment deserves to lose.
Of course, the real losers in that scenario would be ordinary people who trusted their financial institutions to take care of them.
So why would Barbados attempt such a poorly timed cash grab?
My theory is “developing countries” like Barbados aren’t actually being strategic about their timing. I believe they are just hurling random cash demands as fast as possible, in the hope some of them stick.
Lets hope GOP politicians like Rep Jim Banks (R-IN) succeed in shutting off the money fountain, and stop nations like Barbados getting a free ride on the backs of American taxpayers.
Wish in one hand and poop in the other and see which one gets filled first …
😉
Turd-eau seems to like to cozy up to Barbados, perhaps he’s the Non Wish Hand
Yes, yes, but is she blackface?!
The face of black people? Probably not. She and Trudeau represent a minority who profit from redistributive change schemes (e.g. progressive prices), social justice (e.g. inequity and exclusion), and forcing people to take a knee, beg, and “donate” to cargo cults.
Exactly my reaction Sweet old Bob, or we could say “Hope is not a strategy.”
Relying on Republicans to block globalist spending isn’t even a hope.
Please give your readers an upfront health hazard warning if you’re going to show photographs of that Canadian idiot. I have to handle seeing him on Canadian TV and keep my food down. You know what I mean the blank screen that states you have to verify you’re over 18 and a warning that the content might be distressing to some.
I spilt some of the nice fifteen-year-old single malt scotch I’d just poured myself when I settled down to an hour or so of WUWT as a respite from CBC propaganda.
My bad… 🙂
Barbados owes Canada trillions in climate reparations, not the other way around!
Which has the better weather? Hmm? My case in point.
Every winter thousands if not millions of Canadian climate refugees, along with even more of their Yankee US cousins, make the perilous journey south to escape the terrible climate.
Get your activists together for COP27: demand free round trip tickets and beachfront chalets to Barbados to escape the climate damage you suffer every winter.
When you look at that picture of Justin, you can’t fail to see the family resemblance. He is getting more and more like his father as each year passes……even his political ambitions are a chip off the old block.
As for the Barbadian leader asking for $1trillion? Well we must be grateful for small mercies, she could have gone full Green and asked for $10trillion just to get with the spirit of it all.
At some point the reality of economics will engage and the ongoing “We Want money” movement, will have to accept, wealth or money as they call it, is nothing more than a ledger entry ‘created’ by actual energy.
If they are demanding imaginary wealth i.e. printed numbers from a bank, without expended energy based legitimacy? Well, that is a recipe for institutionalised debt.
Anyone looking for recent examples of what happens, when the naïve adopt ill thought through Green economic policies, should study Sri Lanka. A sobering example of why energy, in this case in the form of fertiliser, has consequences when you enact laws banning it.
The anti Gas advocates please take note.
Which father, Fidel or Pierre?
The timing seems easy to explain. The idiotic and suicidal loss and damage shakedown has been a part of COP and a long term activist goal since the very beginning. For the record, it’s also the only logical outcome of the whole global warming argument.
The scam has been a constant background noise every year, and every year it’s been resisted by the same voices as well as the more realistically minded liberals. But they keep chipping away at the edifice until a time when the wall has enough cracks. This year add to the mix the numbskull John Kerry and the weakest US government of all time, and you have the perfect opportunity to push your beggars’ agenda on the world. Hit them with every argument you can while there is no resistance.
…sane voices…
Fraud.
This is nothing but fraud.
Daily Mail – frequently unreliable on the climate issue – today reported showing how people are capitalizing on this climate fraud:
These smug eco-hipsters’ failed energy firm Bulb has cost British taxpayers £6.5billion… so, GUY ADAMS asks, how DID they both walk away with millions?
Notice how the Daily Mail, in this long article of over 2200 words does not use the words fraud, climate and accountable even once. The journalist makes no effort to show how this is a small part of the fraud perpetrated in the name of addressing climate change, pointing out which government officials and politicians should be held accountable. All he wants is a glamorous and sensational article that skirts around the real problem.
Climate alarmism is perpetrating the greatest and most costly fraud in human history. This is what each story that surfaces should be shouting out to the world.
Barbados is a rich country.
How much are they offering ?
Yo ho ho – AND a bottle of rum!
But Barbados has been paid….in FTX tokens….ask Sam Friedman.
Redistributive change from a minority. The prize is the majority by hook, crook, and em-pathetic appeal.
Chose now to pitch for climate change in redistributive change schemes.
Son-Of-Castro meets fellow grifter from Barbados.
Then there is this https://www.telegraph.co.uk/news/2022/11/25/year-becoming-republic-barbados-pursues-damages-sins-colonial/
Looks like they are trying it on in every way.