World Bank Divests of Fossil Fuels in Separation from US

It seems that President Donald J Trump is not globalist enough in his approach, though the purveyors of the formation of world governance couch the divide in the narrative of either being for saving the planet (the fight against climate change) or hating the planet (not wanting to concede to the formation of a world government for the sake of saving the planet).

The World Bank is making it clear that it intends on going full bore with its noble goal of saving the planet by divesting its interests in fossil fuels.  After you read the excerpt from the pro-world-bank article in The Conversation, please watch the video below from the Corbett Report on “Why Big Oil Conquered the World” to get a behind-the-curtain understanding of what’s really going on with this seeming “noble” shift by the World Bank.

Signaling more independence from the US, the World Bank phases out its support for fossil fuels

The World Bank, which provides developing countries about US$60 billion a year in financial assistance, is officially phasing out its support for the oil and gas industries.

This move brings its actions more in sync with its overarching commitment to slowing the pace of climate change and keeping the Paris agreement on track. Based on my research regarding international relations, I see this move – which World Bank President Jim Yong Kim announced in December – as significant for two reasons.

The bank has signaled that the international community is taking the fight against global warming more seriously than ever. And it shows that the bank intends to keep playing a leading role in that battle at a time when its most powerful shareholder, the U.S., is turning its back on global environmental leadership.

Climate leadership

Kim has been taking the World Bank in a direction that climate change activists and other critics have long advocated by positioning the institution as a global environmental leader since he became its president in 2012.

In 2013, the bank decided to stop financing the construction of coal-fired power plants, except in cases where no viable alternatives existed.

Three years later, the World Bank pledged that it would make 28 percent of all of its transactions by 2020 advance climate action.

The bank’s climate efforts are wide-ranging. It lends money to build solar and wind farms, requires its borrowers to take steps to shrink their carbon footprints, and has a goal of “greening the whole financial system.”

Read More at The Conversation

About Paul Gordon 2932 Articles
Paul Gordon is the publisher and editor of iState.TV. He has published and edited newspapers, poetry magazines and online weekly magazines. He is the director of Social Cognito, an SEO/Web Marketing Company. You can reach Paul at pg@istate.tv